Sports Authority Inc. said that it filed for chapter 11 protection today, making it the first major U.S. retailer to file for bankruptcy this year, Reuters reported today. The sporting goods retailer said today that it expects to have access to up to $595 million in debtor-in-possession financing during its restructuring. Sports Authority said that it had identified about 140 stores and two distribution centers, in Denver and Chicago, that it intends to close or sell as part of its restructuring plan. The company listed assets worth up to $50,000 and liabilities of between $1 million and $10 million in its filing with the U.S. Bankruptcy Court in Delaware. Sports Authority was expected to file for bankruptcy after it missed a $20 million coupon payment on Jan. 15, triggering a 30-day grace period to work out a compromise with creditors, Reuters had reported last week.
