March 2, 2016 By Michael Florio
Sports Authority plans to close nearly one third of its 450 stores, the company announced today.
The company, which filed for Chapter 11 bankruptcy, plans to cut 140 stores nationwide. If the court grants it bankruptcy protection, the troubled retailer will be able to break its leases on money losing stores and shut them down.
The future of the two Queens Sports Authority locations, one located at 51-30 Northern Blvd. in Woodside and the other at 73-25 Woodhaven Blvd. in Glendale, is unclear.
A Sports Authority spokesperson said in an email, “we can’t confirm store closures at any specific locations at this time.”
The 140 stores are slated to be closed within the next three months, the company said in a statement.
“This was a tough decision to make, but we believe it was a necessary step in our plan to make Sports Authority an even better partner for our customers,” Michael Foss, Chief Executive Officer of Sports Authority, said in a statement.
The sporting goods chain has struggled in recent years, according to Wall Street analysts. The company has lost market share to online retailers, become swamped with $1.1 billion in debt and has failed to keep pace with consumer trends, such as golf’s decline in popularity.
Foss is looking to use bankruptcy protection to give the troubled company a second chance.
“We have a long-term plan to streamline and strengthen our business so we can continue to make necessary investments in our operations, including upgrading our in-store experience and enhancing our website,” he said.
Update: This story has been updated to include a Sport Authority spokesperson’s comment.