Sporting goods giant Sports Authority announced on Wednesday that it would shutter 140 of its 463 stores across the country, but Queens residents will not be affected.
The company filed for bankruptcy arguing that the “changing retail environment” and its significant debt calls for a “financial and operational restructuring,” according to a letter by CEO Michael Foss.
“As part of that plan, we have identified approximately 140 stores that we intend to close or sell in the coming months,” Foss said. “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.”
According to USA Today, the company is $1.1 billion in debt. Court documents show that the two Queens Locations ― at 51-30 Northern Blvd. in Woodside and 73-25 Woodhaven Blvd. in Glendale ― are safe. The Colorado-based company will close eight New York locations including one store in Brooklyn and the Bronx, and several in Long Island, Westchester County and Upstate New York.
The store closings will occur over the next three months and some are set to begin this Friday.
“We have a long-term plan to streamline and strengthen our business so we can continue to make necessary investments in our operations, including upgrading our in store experience and enhancing our website,” Foss said in the letter.