Sports Authority to Take Steps Toward a Bankruptcy Filing
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Sports Authority Inc. is preparing to file for bankruptcy as it faces a debt payment due in 10 days, according to people with knowledge of the matter.
The retailer, once the biggest sporting-goods chain in the U.S., is in talks with lenders including TPG Capital Management LP on a deal to reorganize in Chapter 11 bankruptcy proceedings, said the people, who asked not to be named because the negotiations are private. It’s also mapping out a plan to close as many as 200 of its more than 450 stores under the bankruptcy plan, the people said.