Sports Authority gives up, opts for liquidation: Report – CNBC

Sports Authority won’t be restructuring and is instead planning to liquidate.

The Wall Street Journal reported that Robert Klyman, legal representation for the sportswear retailer, said that the company decided against attempting to reorganize itself.

“It has become apparent that the debtors will not reorganize under a plan but instead will pursue a sale,” Klyman said in the U.S. Bankruptcy Court in Wilmington, Delaware, on Tuesday, according to the Journal.