About a quarter of Sports Authority stores in New Jersey are among the locations nationwide the sporting goods chain plans to close down, according to a bankruptcy filing cited in a published report.
The troubled sporting-goods chain, which is more than $1 billion in debt, announced Wednesday it was entering bankruptcy and would be closing 140 of its 463 U.S. locations over the next few months. An estimated 3,400 of its 15,000 employees will be affected.
Sports Authority closing 140 stores
In its statement yesterday the chain did not identify the stores eyed for closure, but the locations are listed among other documents filed in Delaware bankruptcy court Wednesday. Five of the chain’s 21 stores in New Jersey are slated to shut their doors this year: East Brunswick, Cherry Hill, Wayne, Manalapan and Piscataway.
The stores were notified of the closures Feb. 10, The Denver Post reported Wednesday.
“We wanted to give them plenty of time to find their next opportunity, whether it’s in the company or wherever else it is,” CEO Michael Foss told the paper.
In a statement, Foss also said would have no impact on customers; accrued balances on gift cards, on exchange policies or on product warranties.
It was not immediately known how many positions in New Jersey would be affected by the closures. Sports Authority did not immediately return a call seeking comment Thursday.
The Colorado-based chain expanded considerably through the acquisition of competitors beginning in 1997, taking its present form following five mergers, Foss said. With stores in 41 states and in Puerto Rico , Sports Authority was once the nation’s leading sports retailer but has slipped to fourth place behind competitors including Dick’s Sporting Goods.
Paul Milo may be reached at pmilo@njadvancemedia.com. Follow him on Twitter@PaulMilo2. Find NJ.com on Facebook.
