Sports Authority wins court approval of store-closing sale agency deal

By Caroline Salls

Pittsburgh, May 24 – Sports Authority Holdings, Inc. received court approval of an agency agreement under which a joint venture comprised of Hilco Merchant Resources, LLC, Gordon Brothers Retail Partners, LLC and Tiger Capital Group, LLC will conduct going-out-of-business sales at the company’s stores, according to an order filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware.

Under the agency agreement, Sports Authority will receive a guaranteed 101% of the total cost value of the merchandise, based on a cost value of $365 million to $390 million.

The sales are expected to begin on May 25 and end by Aug. 31.

As previously reported, Sports Authority received no going-concern bids for its sporting goods retail operations.

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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