Sports Authority Files for Chapter 11 Bankruptcy

If you have a job at the Sports Authority, you may want to dust up that resume. That’s because the sports retailer filed for Chapter 11 bankruptcy Wednesday. Amongst its creditors are Nike, to whom it owes a whopping $48 million dollars , and Under Armour $23 million. The company has been adversely affected by more shoppers purchasing online, rather than brick-and-mortar locations. They are planning to close 140 of their 463 stores as well as two distribution centers in Denver and Chicago, respectively.

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