Sports Authority to liquidate

It’s closing time for Sports Authority, which is giving up on reorganization.



An attorney for the sporting goods retailer told the judge in bankruptcy court on Tuesday that the company is no longer pursuing reorganization and exiting Chapter 11. Instead, it will look for buyers to purchase some or all of its remaining stores.



“It has become apparent that the debtors will not reorganize under a plan but instead will pursue a sale,” company attorney Robert Klyman said in court.



Sports Authority’s bankruptcy auction is set for May 16. Prominent among the chains reportedly interested in acquiring some of the retailer’s assets are Dick’s Sporting Goods.



Sports Authority filed for Chapter 11 in March. At the time, it said would close and liquidate the contents of some 140 stores.