Sports Authority to close all remaining stores

Posted at 6:03 PM, May 18, 2016

Sports Authority plans to close all of its remaining stores after filing for bankruptcy protection in March, according to bankruptcy court records filed Monday.

A group of liquidators won the bid for the company’s assets, court records show.

In March, the company announced it would close 140 stores, including its Denver landmark store, the Sports Castle. The company has about 461 stores throughout the country, plus two distribution centers.

The going-out-of-business sale is already underway at the Sports Castle. Liquidation sales at the remaining stores will begin on or around May 25 and finish around August 31.

You can already find some steep discounts on the Sports Authority website.

Sports Authority told Denver7 that it chose to sell off its assets because they could not get lenders to agree on the terms.

Reports say Sports Authority was carrying over $1 billion in debt.

Sports Authority still has the naming rights to Mile High Stadium.  Since Sports Authority took over naming rights from Invesco in 2011, Sports Authority has paid about $16 million. The company made its 2015 payment of $3.4 million. The next payment is due in August and is about $3.6 million.

RELATED | Bill to ensure 'Mile High' stays on stadium fails