Sports Authority accelerates closings

Sports Authority is speeding up its store closings, rushing to clear inventory and shut down most locations before the end of July.

The process has been accelerated as the company scrambles to pay creditors following its descent into bankruptcy and inability to navigate a turnaround after filing for Chapter 11.

Store managers are being to told to prepare to turn out the lights, according to The Wall Street Journal.

The sporting goods chain has been raising cash through inventory liquidation and the sale of intellectual property. Dick's Sporting Goods won rights to the Sports Authority brand for $15 million at auction and will take over 31 Sports Authority locations for another $8 million.

A few remaining Sports Authority stores will remain open through August, but most will close in just a couple of weeks.

For more:
- see this Wall Street Journal story (tiered subscription)