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Sports Authority will begin liquidation sales at all its stores next week after failing to find a buyer that would keep the chain alive, according to published reports citing new bankruptcy court filings.
The chain, which has 10 locations in metro Atlanta, hinted earlier this month that it may close for good, but left some hope that bankruptcy proceeding could give it a second life through store auctions.
However, reports Thursday said a group of liquidation companies bought all of the chain’s assets. In a previous filing, Sports Authority had said store closings could take up to three months.
Colorado-based Sports Authority joins a growing list of big box retailers that have struggled because of online shopping and changing consumer spending habits.
Others include Kmart, Kohl’s, Sears, Macy’s, Target and Best Buy.
Colorado-based Sports Authority was once the largest sporting goods store chain in the country with stores in 41 states and Puerto Rico. It filed for Chapter 11 bankruptcy in March with the intention to restructure.
As part of that restructuring, the company announced it would close 140 stores. But the retailer was unable to reach an agreement with creditors and lenders and was instead sold at auction.
The retailer reported $3.5 billion in revenue last year and employs 16,000 people, according to Forbes magazine.