Ramsey Sports Authority Store Could Close Due To Company-Wide Liquidation: Report

RAMSEY, N.J. — Two months after it filed for Chapter 11 bankruptcy protection, Sports Authority will liquidate all of its assets, according to a report on Forbes.com.

Sports Authority notified the United States Bankruptcy Court in Delaware last week that it would not be able to reorganize and would pursue a sale amid the $1.1 billion in debt it owes, the report stated.

Most of the company’s assets will go up for auction May 16; it is possible that all of company’s stores could be liquidated, the report said.

The company has more than 450 stores in 41 states and employs more than 14,500 people.

There are 21 Sports Authority locations in New Jersey, including Wayne, Riverdale, Clifton, two in Paramus, and another in Ramsey. The Wayne location was already one of five in New Jersey the company announced would close.

The company owes a $300 million loan that’s due in May 2017, Business Insider reported.

There was no information about the liquidation on Sports Authority’s website or on any of the company’s social media accounts.

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