Dick’s Sporting Goods purchased the Sports Authority’s brand name and other intellectual property at a bankruptcy auction.
Dick’s Sporting Goods purchased the property with a $15 million bid, according to a Wall Street Journal report. The bid exceeded a $13 million offer from Sports Direct International, the U.K. sporting goods chain.
The intellectual property of Sports Authority also includes its e-commerce website, SportsAuthority.com, a loyalty program with 28.5 million members, and a list consisting of 114 million customer files, according to Reuters.
Dick’s Sporting Goods also won 31 Sports Authority store leases for an additional $8 million at the auction, the Journal indicated. Other store leases were also sold at the auction but the winners weren’t revealed.
The auction, held Wednesday, went on well past midnight, according to the report. Any bids much still be approved by the U.S. Bankruptcy Court in Wilmington, DE.
Sports Authority filed for Chapter 11 bankruptcy in March, planning to close only about one fourth of its 463 stores. Failing to reorganize, however, Sports Authority chose in early May to liquidate instead.
