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Sources: Sports Authority Prepares To File Bankruptcy Ahead Of Debt Payment Deadline

Sports Authority is "preparing to file for bankruptcy as it faces a debt payment due in 10 days," according to sources cited by Klein & Coleman-Lochner of BLOOMBERG NEWS. The sources said that the retailer is "in talks with lenders including TPG Capital Management LP on a deal to reorganize in Chapter 11 bankruptcy proceedings." They added that the company also is "mapping out a plan to close as many as 200 of its more than 450 stores under the bankruptcy plan." Sports Authority is "negotiating with creditors as the clock ticks" on a $20M interest payment that it skipped last month on its $343M of subordinated debt. Sources said that the company has been "talking to holders of those bonds about accepting a loss in exchange for other securities." The company "would be able to stave off a bankruptcy filing if it reaches a deal with the bondholders." The retailer, which has at least $643M in debt, has "struggled to keep up with competition" from Dick’s Sporting Goods and Lululemon Athletica (BLOOMBERG NEWS, 2/4).

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