breaking news

Sports Authority is not closing all stores just yet

Published: Sunday, May 01, 2016 @ 11:35 PM
Updated: Monday, May 02, 2016 @ 4:11 PM


            MIAMI, FL - MARCH 02: A Sports Authority store is seen as the company files for Chapter 11 bankrupty on March 2, 2016 in Miami, Florida. The chain of stores owned by private equity firm Leonard Green & Partners will seek to sell or close about 140 stores. (Photo by Joe Raedle/Getty Images)
MIAMI, FL - MARCH 02: A Sports Authority store is seen as the company files for Chapter 11 bankrupty on March 2, 2016 in Miami, Florida. The chain of stores owned by private equity firm Leonard Green & Partners will seek to sell or close about 140 stores. (Photo by Joe Raedle/Getty Images)

Editors note: A previous version of this story reported that all Sports Authority stores would be closing in the U.S. The story was corrected after the store released a statement saying that was not the case.

Sporting goods superstore Sports Authority will not close all 450 locations nationwide because of its $1.1 billion in debt, as previously reported by multiple outlets.

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The company has attempted to reorganize under Chapter 11 bankruptcy protection, which it filed in March, according to Forbes. It has also considered pursuing a sale instead.

"We are pursuing a sale of some or all of the business (via mergers and acquisitions)," a Sports Authority spokesperson said Monday. "We have received initial expressions of interest from a number potential buyers, and we are optimistic about the results of the M&A process, which runs through the end of May."

Sports Authority will close 140 stores.

"We continue to move forward with our previously announced plan to close approximately 140 stores," the spokesperson said. "The outcome of the M&A process will determine whether any additional store closings will be required."

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