Lenders are giving Sports Authority Inc. until the end of April to find a buyer and close a deal to save part of the ailing retail chain, which sought bankruptcy protection yesterday, the Wall Street Journal reported today. Nearly 140 stores are already being sacrificed to appease lenders owed more than $1 billion and more may be closed unless the company finds a buyer or manages to put together a turnaround plan, court papers say. Ahead of a bankruptcy court hearing today, Sports Authority sketched out its strategy of pursuing a dual-track process, negotiating a chapter 11 reorganization plan while looking for a buyer. However, $595 million in bankruptcy loans come due June 30, which doesn’t give the beleaguered retailer much time. Chief executive Michael Foss said Wednesday that parties have expressed “strong interest” in buying or investing in some or all of Sports Authority. Read more. (Subscription required.)
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