Sports Authority’s 7 Valley-Area Stores Closing

Sports Authority’s decision announced earlier this week to shutter all of its more than 460 stores means seven Valley-area locations will close. Valley closures will include stores in Burbank, Camarillo, Canoga Park, Northridge, Sherman Oaks, Thousand Oaks and Westlake Village. The chain filed for Chapter 11 reorganization two months ago, at which time it announced it would close 140 stores nationwide – five of which are in the San Fernando Valley region. But the plans to restructure fell short. According to a recent court filing, the Englewood, Colo.-based chain said it was unable to get a buyer, and its assets were acquired by a group of liquidation companies. Sports Authority has 463 stores nationwide, including in Puerto Rico. The chain is owned by parent TSA Stores Inc. and estimates it has accumulated up to $595 million in debtor-in-possession financing. The company said store closures should be completed within three months. This news follows La Canada-Flintridge-based Sport Chalet Inc.’s announcement in April that it would close all 47 of its existing stores. The retailer had been struggling competitively since before it was acquired by Meriden, Conn.-based Vestis in 2014. Vestis acquired Sport Chalet for $70 million in hopes of increasing its market share on a national scale, but was unable to improve the retailer’s financial performance.