Sporting good retailer Sports Authority Inc. has added its name to the list of companies faltering under a changing consumer landscape and increased competition from e-commerce giants.
The Englewood, Colo.-based firm filed for Chapter 11 bankruptcy protection Wednesday and is forging ahead with plans for a comprehensive restructuring. While CEO Michael Foss maintained an optimistic tone in written statements released concurrently with the filing, the company does have a lengthy list of creditors who are owed big bucks.
Among the companies to which Sports Authority is most indebted are Nike Inc., owed the largest sum of all athletic brands at $47.9 million, and Asics America Corp., owed $23.3 million. Under Armour Inc. follows closely behind Asics, with an unsecured claim of $23.2 million. Implus Footwear LLC, a manufacturer of footwear and recreational accessories for brands like New Balance and Yaktrak, is owed $9.4 million, and Agron Inc., a licensed dealer for Adidas products such as socks, hats, bags and other sporting goods accessories, is due $9.2 million.
Adidas’ golf business, TaylorMade Adidas Golf, also makes the list of Sports Authority creditors, with a claim to $2.5 million. Brooks Sports Inc. is owed $2 million, and New Balance is due $1.6 million.
Sports Authority said Wednesday that it expects to have access to up to $595 million in debtor-in-possession financing in conjunction with the Chapter 11 filing.