A deal that might have kept alive the Sports Authority brand and helped the struggling retailer avoid a bankruptcy liquidation of its assets now appears to be off the table.
Bloomberg reports that Modell’s Sporting Goods Inc. had signaled interest in operating some of the Englewood-based chain's stores under their current name. New York-based Modell's -- which operates stores mostly in the Northeast states -- had been discussing such a deal with Sports Authority and its creditors for weeks, the news service says.
But Modell's now has backed away from the deal because all sides couldn't agree on price, Bloomberg says, citing unnamed "people with knowledge of the matter."
Today is the deadline set by Sports Authority for bids on assets to be auctioned May 16, including 140 store leases, and Bloomberg says no other party has emerged willing to carry on the chain's brand.
But as of Tuesday, Sports Authority was still talking to other potential bidders, and it told Bloomberg that “we have received expressions of interest from a number of potential buyers."
Read the full report in the Denver Business Journal: http://bit.ly/23HFAdf.