Sports Authority is getting prepared to close the sales at Sports Castle that is located near downtown Denver. It has planned to shut down 140 stores and the company has confirmed this on Wednesday. It is not known as to how many more stores in Colorado might be closed in future.
It is estimated that Sports Authority who is the leading sports good retailer is on the verge of bankruptcy. The company has a debt of about $643 million and they have already laid off more than 100 employees to better their balance sheet numbers.
Sports Authority has already liquidated more than 75% on the website. Employees at the Sports Caslte were seen loading the shipments to be take to the store near Park Meadows mall. The store is said to close once its lease terms comes to an end. Even in Dallas, employees were seen packing the goods into huge boxes and loading them into a truck.
Sports Authority is a private firm that is owned by Leonard Green & Partners. It was reported that the firm was trying to negotiate with the bondholders to reorganize according to the Chapter 11. Three years later, another Leonard Green & Partners group took over Sports Authority for a sum of $1.3 billion.
No one is sure about what the future will hold for Sports Authority. One has to wait and watch what happens.
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With his term coming to an end, Barrack Obama, the former president of the United States of America bid an emotional farewell to the crowds, with words of praise for his family and their staunchest supporter, Joe Biden. Despite the emotional aspect of the meeting, President Obama found it necessary to use his final farewell speech in Chicago here to outline the impending threats to the democratic way of life and pressed for a more optimistic outlook for a country that has been divided by the political poison of the 2016 presidential elections. Americans have been pitted against one another and the country is more politically divided than it has ever been.
He expressed his concern that people of moral standing are afraid to enter the cesspool that has become American politics and that candidates are becoming more malevolent with each term. He added that instead of simply blaming the leaders and the system for being corrupt; people should question why they chose to elect them in the first place. Obama also fretted over the rising anti-immigrant sentiment and economic inequality, warning that al that will be left for the colored minority and middle class white workers if the problem mitigated were the scraps of the wealthy. He claimed that though there were serious talks of an end to racial discrimination in America after his term, he believed that it was never a possibility as much of America’s potency lies in this division of races.
While the last few months of Obama’s presidency tested his mettle, starting with violent shootings, he said that this called for Americans to pay attention to their representatives and to the political scenario. The gathered crowd including White House staffers, celebrities and supporters gave the event the somber feel of a wake. In a passionate call for empathy and equality, Obama ended his speech with the catchphrase that he first introduced during his presidential campaign “Yes We Can”.
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