Posted on 04/29/2016 6:54:23 PM PDT by kaehurowing
Why Sports Authority is throwing in the towel and closing all of its stores
When struggling retailer Sports Authority filed for Chapter 11 bankruptcy last month in the face of more than $1 billion in debt, the company indicated that it had two options going forward.
One of those was to shed underperforming stores and emerge from bankruptcy as an intact, but pared-down company. The other was to sell everything and cease operating.
On Tuesday, the company appeared to choose the latter.
. . .
“With the minimum wage going up to $15 an hour and more people turning to online shopping, more stores are going to close,” Lempert said. “It’s fine to say that everyone should have a living wage. But the money has to come from somewhere.”
(Excerpt) Read more at pasadenastarnews.com ...
Meanwhile Academy Sports is a general sporting good store with a large gun section, and they seem to be doing ok. I know they just opened a new store in my wife’s home town.
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