Sporting goods retailer Sports Authority filed for bankruptcy today and some industry companies are listed as large unsecured creditors.
In the action sports space, Burton is owed $3.9 million, K2 $2.5 million and Rip Curl $2.5 million, according to court documents.
Large athletic brands are owed the most money, however. According to the court documents, Sports Authority owes Nike $47.9 million, Asics $23.3 million, and Under Armour $23.2 million.
Other athletic brands on the list include Brooks at $2 million, New Balance at $1.6 million, and New Era at $1.5 million.
The company hopes to close up to 200 stores and two of five distribution centers during the bankruptcy process. Currently, Sports Authority operates 463 stores.
In the bankruptcy filing, the company listed its assets between zero and $50,000 and its liabilities between $1 billion to $10 billion.
The Sports Authority also estimated it would have no funds to pay unsecured creditors.
In a press release, the company has been evaluating options for strengthening its financial position. It is also trying to negotiate with financial creditors to restructure debt and recapitalize the business by selling all or some of its assets.
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