DENVER (BRAIN) — Bankrupt sporting goods chain Sports Authority has begun plans to wind down its 463 stores. The company will begin going outof business sales at all locations on Wednesday and plans to shut down all the stores by the end of August.
The Denver-based chain filed for bankruptcy in March. It initially attempted to restructure and to keep some locations open.
But the company told the federal bankruptcy court this week that it has been unable to reorganize or sell the business as a going concern.
The company has contracted with a joint venture by three companies to liquidate the inventory on a consignment basis. The three groups are Gordon Brothers Retail Partners, LLC, Hilco Merchant Resources, LLC, and Tiger Capital Group LLC.
