Sports Authority, according to court documents, filed for Chapter 11 bankruptcy this morning. As part of the filing, Sports Authority agreed to financing terms to support $595 million in debt with an overall liability of $1.1 billion in the red. Those terms, according to sources, require that Sports Authority close 140 of its 650 nationwide stores within 60 days, and if no buyer is found, that Sports Authority close all of its stores. According to a statement released by the company, they will immediately be closing up to 200 of their stores. The company says that it expects to lay off 3,400 employees.
Locally, this measure is likely to affect the Sports Authority store located at 9560 US Highway 19 at Embassy Crossings in Port Richey. Gulf View Square mall, across the highway, has also suffered store closings in similar circumstances. Based on estimates given by JCPenney’s and Macy’s upon the closure of their anchor stores in the mall, it is likely that the SportsAuthority store would be in a lower performing category and would be an immediate target for closure.
NewsPortRichey will continue to look for notice from Sports Authority on the possible closure of this store.