Sports Authority to close stores nationwide

Posted at 6:40 AM, May 02, 2016
and last updated 2016-05-02 09:02:16-04
Two months after Sports Authority filed for bankruptcy, the company will now close all of its stores.
The company filed for chapter 11 bankruptcy in March, announcing it would close about a third of its stores, including its Denver landmark store, the Sports Castle.
However, Forbes reported Monday that the sporting goods retailer has notified the bankruptcy court that it has chosen to sell off its assets and close all of its stores nationwide.
An exact timeline wasn’t given.
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.


Sign up for Denver7 email alerts to stay informed about breaking news and daily headlines.

Or, keep up-to-date by following Denver7 on Facebook, Instagram and Twitter.