Sports Authority (Englewood, Colo.) has filed for bankruptcy protection and, according to Bloomberg, is s including Dick’s Sporting Goods (Coraopolis, Penn.), though neither has confirmed the news.
According to Wall Street Journal, the news puts Dick’s in a position to absorb up to 20 percent of its competitor’s sales due to its plans to close 140 Sports Authority stores. That amount could boost Dick’s annual sales by more than 2 percent.
In the meantime, Dick’s plans to continue to grow its e-commerce platforms, enhance its in-store shopping experience, and build brand awareness through its partnership with the United States Olympic Committee. Those investments are expected to impact this year’s earnings by $50 to $55 million.