Modell’s Sporting Goods and Sports Direct International missed the deadline to make a bid for Sports Authority’s leases. Dick’s Sporting Goods reportedly put in a bid to acquire 17 leases.
Other retailers bid on only one store, sources told Reuters. Bids were due Thursday night.
Academy Sports, which reportedly was interested in taking over some Sports Authority stores, did not make a bid for any of the leases, a source told Reuters. Late bids may still arrive, the source told Reuters.
According to reports last week, Modell’s and Sports Direct were in discussions to acquire close to 200 Sports Authority leases and planned to operate them under the Sports Authority name. The Wall Street Journal first reported that the pair had not submitted a bid by the deadline.
An auction will be held Wednesday for the leases and other remaining assets of the liquidating chain. Bids for Sports Authority’s intellectual property were due Monday evening.
Going-out-of-business sales are under way at some 450 stores, conducted by liquidators Hilco Merchant Resources LLC, Gordon Brothers Retail Partners LLC and Tiger Capital Group LLC. Sports Authority is trying to pay off more than $1 billion in debt in Chapter 11.
Sports Authority has until Sept. 28 to file a Chapter 11 plan to pay its creditors.
