Sports Authority’s CEO Michael Foss released a statement Wednesday morning saying the once-great sports retailer is filing for Chapter 11 bankruptcy protection.
Foss says approximately 140 stores will be closed or sold over the next three months and blames the retailer’s fall on a “changing retail environment.”
Sports Authority’s demise is not entirely surprising—early last month the struggling retailer was already taking steps towards a bankruptcy filing amidst news of missing payments to suppliers. There was also the issue of a failure to pay a $20M interest payment, RetailDive reports.
Meanwhile, competitors like Dick’s Sporting Goods have adapted to changing consumers by appealing to the new "athleisure" crowd with its Chelsea Collective—a line offering highly priced and trendy leggings. [RetailDive]
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