Business & Tech
All Sports Authority Tampa Bay Area Stores May Close
The national sporting goods chain is selling its assets nationwide, which could result in hundreds of store closings across the country.
TAMPA, FL — Tampa Bay area residents who shop at Sports Authority stores throughout the region may soon need to find a new retailer for their gear.
The Sports Authority has reportedly ended its plan to reorganize under Chapter 11 bankruptcy protection, meaning its assets will be sold off to cover an estimated $1.1 billion in debt.
The retailer filed bankruptcy back in March, announcing at that time 140 stores that would close under plans to reorganize. The Tampa store at 1730 E. Fowler Ave. was on the initial list slated for closing.
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"We are committed to evolving as a company so we are able to continue to offer the best brands at great values - both in our stores and on our website, SportsAuthority.com," CEO Michael Foss wrote in a letter to customers back in March.
Those plans changed by the end of April. Forbes reported the Sports Authority has notified the U.S. Bankruptcy Court in Wilmington, Del., of its inability to reorganize. The chain intends to put most of its assets up for auction on May 16, Forbes reported. While it is possible buyers could come forward with plans to keep some of the stores open, it is also feasible that all 450 stores will close down for good, Forbes reported.
Find out what's happening in Tampafor free with the latest updates from Patch.
Sports Authority has stores throughout the Tampa Bay area, including in Tampa, St. Petersburg, Brandon, Citrus Park, Sarasota, Port Richey and Bradenton.
The Sports Authority had not issued an official statement on its change of plans as of Monday morning. A phone message and email to Sports Authority for comment were not immediately returned.
Nationwide, the chain has 14,500 full- and part-time employees. The fate of those employees also remains unknown.
A hearing on whether or not the Sports Authority will be able to oversee its own liquidation or if it will be ordered into Chapter 7 bankruptcy, under which a court-appointed trustee will oversee liquidation, is set for Tuesday, the Denver Post reported.
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