Business

Sports Authority Files Bankruptcy, No Closures in Hawai’i

March 3, 2016, 4:29 PM HST
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Sports Authority, Hilo. File photo by Nate Gaddis.

Sports Authority, Hilo. File photo by Nate Gaddis.

Sports Authority plans to close or sell over 140 stores across the country, but Hawai’i locations, including the Big Island’s stores in Hilo and Kona, have been spared.

The company has filed for Chapter 11 bankruptcy. In the bankruptcy filing, it was announced that the company would be able to break leases for stores that are considered “money-losing.”

It was initially announced on Wednesday that 140 stores would be closed. Since then, a list of 143 locations, including 141 stores and two distribution centers, has been released.

Sports Authority Chief Executive Officer Michael Foss said that no stores would close “immediately,” but span over a three-month process.

“This was a tough decision to make, but we believe it was a necessary step in our plan to make Sports Authority an even better partner for our customers,” said Foss.

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The company reportedly has over $1 million of liabilities and assets that are valued at less than $50,000.

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