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Sports Authority Hits Ch. 11 With $1.1B Debt

Law360, New York (March 2, 2016, 1:19 PM EST) -- Sports Authority filed for bankruptcy Wednesday in Delaware, with plans to quickly close more than a third of its stores in an attempt to restructure $1.1 billion in debt or sell the business, capping the yearslong decline of one of the largest sporting goods retailers in the U.S.

The company said in a Chapter 11 filing that it has secured $595 million in bankruptcy financing backed by lenders including Wells Fargo Bank, JP Morgan Chase Bank NA and SunTrustBank. As part of the restructuring plan, Sports Authority said it intends to close 140 stores and distribution centers in Chicago and Denver...

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