BOSTON, May 24, 2016 /PRNewswire/ -- The joint venture of Gordon Brothers Group, Hilco Merchant Resources, and Tiger Capital Group, announced today that they will commence going-out-of-business sales at all Sports Authority retail locations beginning Thursday, May 26th. The joint venture partners' bid was approved by the U.S. bankruptcy court today. Gordon Brothers Group, along with Tiger Capital, began assisting the Company with the wind-down of 142 stores in March after they filed for Chapter 11 bankruptcy protection as part of an operational restructuring plan.
Going-out-of-business sales will offer unprecedented values, in all stores, on shoes, clothing, athletic gear and accessories including such popular brands as Under Armour, Nike, North Face, Wilson, Adidas, Spalding, ASICS, Head, Coleman, Everlast and Brooks. Sports Authority gift cards will be honored through June 27, 2016. Store fixtures, furniture and equipment will also be available for sale.
Sports Authority and its predecessor companies including Gart Sports, Sportmart, Oshman's and Copeland's Sports have been selling sporting goods since 1919. Sports Authority has been one of the leading full-line sporting goods retailers and the active family's destination for footwear, apparel, fitness, team sports and outdoor recreation in the country. Headquartered in Englewood, CO, Sports Authority currently operates over 450 stores in 45 U.S. states. The Company has been dedicated to providing its customers with the best shopping experience possible by consistently providing great brands at great values as well as leading customer service and product knowledge.
"Words cannot adequately express the disappointment we feel with the need to shut down our stores. We pursued both a plan of reorganization, as well as a sale of our business, but were unsuccessful in reaching an agreement that would have allowed Sports Authority to continue to operate," stated Michael Foss, Chief Executive Officer of Sports Authority. "We sincerely thank our loyal customers for supporting our company over the years and encourage them to shop early for tremendous values on their favorite sporting good products."
"Our liquidation sales will offer shoppers extraordinary opportunities to buy the kinds of sporting goods, equipment and apparel they've come to expect from Sports Authority – all at deep discounts," said a representative from the joint venture. "Most markdowns will be taken on already reduced prices, including clearance inventory, so the liquidation savings will be significant. Additionally, this event comes just in time for Father's Day gift giving and the start of summer outdoor activities."
About Gordon Brothers Group: Founded in 1903, Gordon Brothers Group (www.gordonbrothers.com) is a global advisory, restructuring and investment firm specializing in the retail, consumer products, industrial, and real estate sectors. Gordon Brothers Group maximizes value for both healthy and distressed companies by purchasing or selling all categories of assets, mitigating leases, appraising assets and operating businesses for extended periods. Gordon Brothers Group conducts over $50 billion worth of transactions and appraisals annually. As of November 2014, debt financing is provided by Gordon Brothers Finance Company (www.gbfinco.com).
About Hilco Merchant Resources, LLC: Hilco Merchant Resources (www.hilcomerchantresources.com) provides a wide range of analytical, advisory, asset monetization, and capital investment services to help define and execute a retailer's strategic initiatives. Hilco Merchant Resources' activities fall into several principal categories including acquisitions; disposition of underperforming stores; retail company or division wind downs; event sales to convert unwanted assets into working capital; facilitation of mergers and acquisitions; interim company, division or store management teams; loss prevention; and, the monetization of furniture, fixtures and equipment. Additionally, HMR now includes among its subsidiaries the nation's premier fixture and equipment liquidation firm, Hilco Fixture Finders (www.hilcofixturefinders.com), as well as the popular online retail and daily deal e-commerce company, Deal Genius, LLC (www.dealgenius.com).
Hilco Merchant Resources is part of Northbrook, Illinois based Hilco Global, one of the world's leading authorities on maximizing the value of business assets by delivering valuation, monetization and advisory solutions to an international marketplace. Hilco Global operates twenty specialized business units offering services that include asset appraisal, retail and industrial inventory acquisition and disposition, real estate repositioning and renegotiation, strategic advisory and operational consulting and strategic capital equity investments. For more information please visit: (www.hilcoglobal.com).
About Tiger Capital Group: Tiger Capital Group (www.tigergroup.com) provides asset valuation, advisory and disposition services to a broad range of retail, wholesale, and industrial clients. With over 40 years of experience and significant financial backing, Tiger offers a uniquely nimble combination of expertise, innovation and financial resources to drive results. Tiger's seasoned professionals help clients identify the underlying value of assets, monitor asset risk factors and, when needed, provide capital or convert assets to capital quickly and decisively. Tiger maintains domestic offices in New York, Los Angeles, Boston, Chicago, and San Francisco, and international offices in Sydney, Perth, and Brisbane, Australia.
SOURCE Gordon Brothers Group