Sports Authority filed for bankruptcy Wednesday, Bloomberg Business reports. Over the next three months, the fitness gear chain will close 140 locations, CEO Michael Foss said in a statement.
"We have decided to utilize the Chapter 11 process to implement a financial and operational restructuring that we believe is necessary to help us become an even better place for our customers to shop for sporting goods," Foss said.
The retailer's main competitor, Dick's Sporting Goods, brings in nearly twice as much money per location, and has hundreds more locations.
-
From Da Vinci to a golden toilet: a history of museum heistsIn the Spotlight Following the ‘spectacular’ events at the Louvre, museums are ‘increasingly being targeted by criminal gangs’
-
Can Gen Z uprisings succeed where other protest movements failed?Today's Big Question Apolitical and leaderless, youth-led protests have real power but are vulnerable to the strongman opportunist
-
The allegations of Christian genocide in NigeriaThe Explainer West African nation has denied claims from US senator and broadcaster
-
Gold tops $4K per ounce, signaling financial uneaseSpeed Read Investors are worried about President Donald Trump’s trade war
-
Electronic Arts to go private in record $55B dealspeed read The video game giant is behind ‘The Sims’ and ‘Madden NFL’
-
New York court tosses Trump's $500M fraud fineSpeed Read A divided appeals court threw out a hefty penalty against President Trump for fraudulently inflating his wealth
-
Trump said to seek government stake in IntelSpeed Read The president and Intel CEO Lip-Bu Tan reportedly discussed the proposal at a recent meeting
-
US to take 15% cut of AI chip sales to ChinaSpeed Read Nvidia and AMD will pay the Trump administration 15% of their revenue from selling artificial intelligence chips to China
-
NFL gets ESPN stake in deal with DisneySpeed Read The deal gives the NFL a 10% stake in Disney's ESPN sports empire and gives ESPN ownership of NFL Network
-
Samsung to make Tesla chips in $16.5B dealSpeed Read Tesla has signed a deal to get its next-generation chips from Samsung
-
FCC greenlights $8B Paramount-Skydance mergerSpeed Read The Federal Communications Commission will allow Paramount to merge with the Hollywood studio Skydance
