When Sports Authority locations and their merchandise went up for sale in the first round of auctions after the retailer filed for Chapter 11 bankruptcy protection, experts thought that the chain’s biggest competitor might bid for up to 100 stores to snap up areas where it doesn’t already do business. Dick’s did bid for some stores, but ultimately lost out to liquidators. That’s okay, though, the company’s CEO explained during an earnings call this week: they’ll go for the store leases after the locations they want close.
Out of the 460 Sports Authority stores that were already slated to close after the bankruptcy or were sold to liquidators and will begin their going-out-of-business sales next week, it turns out that industry leader Dick’s wants relatively few of them.
The company also warned investors that the liquidation sales at Sports Authority could hurt its next few quarters, including the important back-to-school season.
Dick’s is ready to bring on Sports Authority customers, though: in some markets, they’ve started TV and radio commercials enticing people who belong to the Sports Authority loyalty card program to sign up for their version.
As Sports Authority prepares for going-out-of-business sales, competitor Dick’s bides time [Denver Post]
by Laura Northrup via Consumerist
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