Sports Authority hired A&G Realty Partners to take bids at a June auction for the retailer’s remaining 320 leases.
On May 16, a group of liquidators won the right to conduct going-out-of-business sales at a bankruptcy auction for the assets of Sports Authority. Going-out-of-business sales began on May 26, and are expected to continue through August.
Bids for leases are due June 23rd with an auction set for June 29th in Wilmington, DE.
A&G Realty said the 320 leases are for stores ranging from 10,000 to 80,000 square feet with many major retail markets, including NYC, Chicago, Los Angeles, Dallas, and Miami. (Click here for full store list.)
“The company has done a great job with its real estate and their locations are well positioned in key retail street and power center locations. By taking assignment of leases, retailers have the opportunity to enter new markets and gain access to projects they may have previously been unable to penetrate,” said Emilio Amendola, A&G co-president, in a statement.
Sports Authority is also planning to hold an auction for the Sports Authority’s brand name, the intellectual property for its proprietary brands, and customer data lists.
The retailer will also seek to sell its sponsorship agreement with the Denver Broncos. The sponsorship, in place since 2011, gave the retailer naming rights to the Denver Broncos’ stadium as well as the right to advertise in the stadium and use the Broncos name and logo in ads in store and online.
According to a filing in U.S. Bankruptcy Court in Delaware, The Denver Broncos are seeking the first right of refusal if Sports Authority tries to sell the naming rights. It also claimed Sports Authority had breached its contract by missing two quarterly payments.
Bloomberg News, citing unnamed sources, said the company’s term-loan lenders were among those claiming to have collateral rights over Sports Authority’s intellectual property and contracts, including the naming-rights agreement.
Photo by David Clucas
