Colorado Based Sporting Goods Company Trying to Avoid Bankruptcy
This Colorado based sporting goods store which is based out of Englewood, CO. is having financial difficulty.
You know the name if you have ever been to a Broncos game in recent years. You see the big, bold red letters sprawled across the stadium spelling out "Sports Authority Field at Mile High". A Locally headquartered business that has been under financial duress as of late.
It has been reported that Sports Authority, a 450 store chain has missed a $20 million payment on a $343 million debt set to mature in 2018. According to Bloomberg Business, the company is trying to persuade creditors to reduce the outstanding debt to avoid filing for reorganizing under chapter 11 bankruptcy laws. Forbes also reports that if the missed payment triggers other defaults in Sports Authority it could be the first major bankruptcy in the retail sector in 2016.
Sport Authority is currently up to date on the annual lump sum payments that are made every August to the Denver Broncos and the Metropolitan Football Stadium District said district chairman, Rick Baker.
Source: Complete Colorado