TSA Stores, the Colorado-based parent of the Sports Authority retail chain, has engaged Sard Verbinnen & Co. for PR support as it navigates Chapter 11 bankruptcy.
The company filed for bankruptcy protection May 2 in federal court in delaware, citing a plan to "continue to adapt our business to meet the changing dynamics of the retail industry."
The company plans to shutter 140 Sports Authority stores and two distribution centers as its remaining locations stay open through the reorganization and restructuring.
“Given our strong brand recognition with a large and growing customer base, valuable business assets and loyal Team Members, we have received strong interest from third parties interested in investing in or buying some or all of Sports Authority," said CEO Michael Foss.
Sard Los Angeles managing director Steven Goldberg is advising the company and handling media.
The New York Times reported the bankruptcy is part of a larger wave of struggling companies that were purchased in the leveraged buyout boom before the financial crisis. Private equity firm Leonard Green & Partners bought the Sports Authority for $1.3B in 2006
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