Sports Authority Could Possibly Close All Of Its Stores
ENGLEWOOD, Colo. (CBS4) - Sports Authority is preparing to possibly close all or nearly all 463 of its stores nationwide. The company is carrying a debt of more than $1 billion.
The Englewood-based retailer filed for Chapter 11 bankruptcy last month. It planned to reorganize, and initially said it would close about 140 stores, but will now pursue a sale instead.
Sports Authority will liquidate all or nearly all of its stores and put them up for sale at a court supervised auction in two weeks, according to Fortune.
So far there's no word on how the development will impact the naming rights of the stadium in Denver the Broncos play in. The current name is Sports Authority Field at Mile High.
Under a new bill introduced in the Colorado legislature this spring, any corporation who might want to invest in naming rights to the stadium would be required to include Mile High in the name, just as Sports Authority did voluntarily when it purchased the naming rights in 2011.
The stadium opened in 2001 after the demolition of the old Mile High Stadium in the same location west of downtown Denver.
A month ago the marijuana company Native Roots announced it is an interested buyer if the naming rights become available.