Sports Authority will officially close all stores
As as result of its bankruptcy woes, it has just been announced that Sports Authority will officially close all stores and eventually shut down operations. The liquidation bid for its merchandise has just been won by a group of three liquidators: Tiger Capital Group, Hilco Global and Gordon Brothers.
Sports Authority filed Chapter 11 bankruptcy protection in March and had planned to only close 140 stores in an effect to remain afloat. But with the recent announcement, this doesn’t appear possible for the retailer.
According to a source who spoke with the Wall Street Journal, liquidators Tiger Capital Group, Hilco Global, and Gordon Brothers reportedly bid 101% of the cost of Sports Authority’s inventory, plus $1.8 million. Two of the liquidators managed liquidations sales for CompUSA, Circuit City, Linens-N-Things, Borders, Hollywood Video, Coldwater Creek, and Deb, and all three worked with RadioShack’s. Luckily, in RadioShack’s case, the lender kept the brand going as a result of a partnership with Sprint, saving thousands of jobs, according to Consumerist.
Deals on the horizon?
Though nothing has been announced yet as far as when liquidation sales will begin, there is sure to be a lot of buzz whenever that happens. But, don’t count on getting the best deal in a liquidation sale: Though you might be able to get goods at a discount, it may not be ‘bargain barrel’ like you might expect, according to DealNews. And plus, all sales are final: There is no returning your purchases if you don’t like the item or you find a better deal elsewhere. The liquidators still hope to make money on their purchase!
But, liquidation sales at Sports Authority will at least be worth a look!