And another one bites the dust

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If the economy is doing so well, why are all the large brick and morter stores going bankrupt? From Breitbart:

Sports Authority Files for Bankruptcy: 450-Store Closure Could Leave 14,500 People Jobless
Outdoor apparel giant Sports Authority has filed for Chapter 11 bankruptcy protection and the retail chain could close all or most of its 450 stores nationwide as it struggles to pay off a reported $1 billion debt.

Sports Authority is “pursuing a sale of some or all of the business,” a company statement said. “We have received initial expressions of interest from a number of potential buyers, and we are optimistic about the results of the sale process.”

Founded in 1928, the athletic apparel retailer was once the largest sporting goods chain in America.

In the years after its 2006 leveraged buyout by Leonard Green & Partners, Sports Authority saw a slump in sales due to competition from mega retailer Dick’s and online merchants.

Eighty eight years of operation is a long long time for a business. They were one of the places I would go to buy ammo as well as the occasional bit of camping gear. There is a big store in Bellingham in the mall.

I am wondering if this was not planned though - they are $1 Billion in debt. Was the buyout planned so the new owners could take a loss on their profits from other ventures? Leonard Green & Partners specializes in buying out retail stores - they own or have interests in Rite Aid, Big 5 Sporting Goods, Petco, and Whole Foods Market among others.

Our politicians keep saying that our economy has enjoyed a great recovery but the numbers simply are not there - less than 3% when we should be doing 7% or more. The people in authority are clueless and out of touch.

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About this Entry

This page contains a single entry by DaveH published on May 3, 2016 1:54 PM.

Busy day today was the previous entry in this blog.

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