Sports Authority Sporting Goods will close about 140 stores, but the only one in Santa Barbara County — in Goleta’s Camino Real Marketplace — wasn’t on the closure list.
The global sports retailer announced its plans this week as part of the Englewood, Colo.-based chain’s Chapter 11 bankruptcy filing, where the company cites being $1.1 billion in debt due to falling sales and an increase in online shopping.
Nearly one-third of the retailer’s 450 locations will begin liquidation sales within days, including one in San Luis Obispo.
The list includes stores nationwide with 22 of them in California, mostly in the Los Angeles area. Two distribution centers in Denver and Chicago will also close.
Stores not on the list could be sold to other retailers or liquidated as Sports Authority restructures and negotiates with prospective buyers.
Business will continue as usual at stores not on the chopping block, including at 7035 Market Pl Dr. in Goleta, the company said.
The company expects to have access to up to $595 million in debtor-in-possession financing after going through the bankruptcy process.
“We are taking this action so that we can continue to adapt our business to meet the changing dynamics in the retail industry,” Sports Authority CEO Michael E. Foss said in a statement.
“We intend to use the Chapter 11 process to streamline and strengthen our business both operationally and financially so that we have the financial flexibility to continue to make necessary investments in our operations.
“I would like to thank all of our constituents for their continued support during this process. We deeply value the ongoing loyalty and support of our employees. I and the rest of our management team recognize that Sports Authority’s success is dependent upon our team members across the country, and we are grateful for their dedication and hard work. We also sincerely appreciate all of our customers. We are taking these actions to ensure that we can do an even better job of meeting our commitment to provide our customers with a broad range of high quality sporting goods and apparel and an outstanding shopping experience, whether in our stores or online.”
— Noozhawk staff writer Gina Potthoff can be reached at gpotthoff@noozhawk.com. Follow Noozhawk on Twitter: @noozhawk, @NoozhawkNews and @NoozhawkBiz. Connect with Noozhawk on Facebook.