Sports Authority bid procedures approved; main auction set for May 16

By Caroline Salls

Pittsburgh, April 14 – Sports Authority Holdings, Inc. received court approval of the bid procedures for the proposed sale of substantially all of its assets, according to an order filed Thursday with the U.S. Bankruptcy Court for the District of Delaware.

Under the approved bid procedures, offers to serve as stalking horse bidder are due by 5 p.m. ET on April 28. Competing bids are due by 5 p.m. ET on May 11.

The deadline for bidding on a closing-store lease is also 5 p.m. ET on April 28.

The auction for the main asset sale will be held on May 16, if necessary, and the auction for the closing-store leases is scheduled for May 4.

The main store sale hearing is scheduled for May 18, and the closing-store lease sale hearing will be held on May 10.

Sports Authority, an Englewood, Colo.-based sporting goods retailer, filed bankruptcy on March 2. The Chapter 11 case number is 16-10527.

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