Sports Authority bidders back away

The Sports Authority's hopes of selling assets and leases are fading as buyers back away, according to reports.

Modell's Sporting Goods had considered buying the Sports Authority name, but has reconsidered. Still, other bidders have emerged including Dick's Sporting Goods and Academy Sports & Outdoors, people familiar with the matter told Bloomberg.

"We have received expressions of interest from a number of potential buyers," a Sports Authority representative told Bloomberg an e-mailed statement. "We are optimistic about the results of the M&A process, which runs through the end of May."

Dick's could pick up as many as 180 locations, according to MarketWatch.

But creditors are demanding liquidation and an auction of the company's assets is set for May 16, leaving time for the company to find a buyer for some of its parts.

For more:
- see this MarketWatch story
- see this from Bloomberg

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