Sports Authority: Bankruptcy? Check. Execs? Big checks

DENVER BUSINESS JOURNAL - While some 14,000 Sports Authority employees are out of a job, three unnamed top executives at the failed sporting-goods chain will be cashing checks for up to $1.5 million.

U.S. Bankruptcy Court Judge Mary Walrath on Wednesday signed off on a scaled-down plan to pay bonuses to a trio of leaders at Englewood-based Sports Authority, which declared bankruptcy in March and closed hundreds of stores over the summer -- including Denver's Sports Castle -- following liquidation sales.

The Wilmington, Delaware-based judge's approval came despite the objections of a federal bankruptcy-court watchdog official, who called the payouts "unseemly," the Wall Street Journal reports.

The execs will get their bonuses while many creditors of the company -- including merchandise vendors -- are expected to get only a fraction of their costs back.

Andrew Vara, a U.S. Department of Justice trustee who keeps an eye on the Wilmington bankruptcy court where Sports Authority's case is being handled, objected to the bonuses.

Read more at the Denver Business Journal: http://bit.ly/2bG51xy

Copyright 2016 Denver Business Journal


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