Sports Authority to Auction Assets

Sports Authority (Englewood, Colo.) previously was planning to reorganize under Chapter 11 bankruptcy protection. This week, however, the retailer notified a U.S. bankruptcy court that it would no longer pursue reorganization due to its $1.1 billion worth of debt and would instead try to sell the chain’s assets.

According to Forbes, most of the company’s assets will be auctioned off on May 16. No information is currently available about whether any of the interested bidders might try to keep the chain’s stores open or liquidate them.

The retailer originally filed for Chapter 11 in March, when it also announced the closure of 140 stores and two distribution centers.