Sports Authority is down for the count, but not out.
Recent reports from Fortune and other media outlets indicate that the sporting goods giant could close down all 463 locations nationwide — including two in Queens — in the near future, much more than the 140 locations they planned on closing back in March, but the company is refuting these claims.
According to Sports Authority’s corporate customer service headquarters, the chain is not closing down all of its stores. The company will go forward with closing down a number of locations, but not all of them.
Representatives of the store located at 73-25 Woodhaven Blvd. in Glendale also denied the claims, stating that the store is remaining open. The other Queens Sports Authority at 51-30 Northern Blvd. in Woodside will also remain in operation.
Sports Authority filed for Chapter 11 protection in federal bankruptcy court in Delaware. Under this protection, Sports Authority planned to reorganize the company, but has since decided to put itself up for auction where almost all of its assets will be for sale, scheduled for Monday, May 16, according to Fortune.
The auction could see interested buyers purchase certain Sports Authority locations, but it is unlikely that they would keep the brand name.
The company’s financial adviser told Bloomberg News that current takeover offers hardly cover the $100 million in administration and liquidation costs, let alone the $1.1 billion of debt Sports Authority owes.