Sports Authority Holdings Inc.’s going-out-of-business sales will begin this week after a bankruptcy judge signed off on a deal with a trio of liquidators, the Wall Street Journal reported today. At a hearing yesterday, Bankruptcy Judge Mary Walrath authorized the liquidator group — made up of Hilco Merchant Resources LLC, Gordon Brothers Retail Partners LLC and Tiger Capital Group LLC — to quickly launch the sales. In exchange for the right to run the sales, the liquidators, who prevailed over another liquidator group in an auction held last week, will pay a guaranteed 101 percent of the value of the inventory, of which 88 percent will be paid in cash, Jeremy Graves, attorney for Sports Authority said in court yesterday. Tiger Capital and Gordon Brothers were previously engaged to run the going-out-of-business sales at 142 of the 450 stores early on in Sports Authority’s bankruptcy proceeding. The latest round of sales will begin Thursday, according to a news release from the liquidator group, and will cover the chain’s remaining stores, around which it originally had high hopes of reorganizing.
