Sports Authority annual revenues hover around .7 billion, which is roughly the same as it was in 2006.
After filing for Chapter 11 bankruptcy last month, competitors like Dick's Sporting Goods and Modell's showed interest in picking up some of Sports Authority's store locations and intellectual property.
This news comes at a time when sports apparel is growing in popularity thanks to "athleisure" — a fashion trend in which people wear athletic clothes outside of a gym setting, like at the office or while shopping.
As a result, long-standing athletic brands and retailers are struggling to reach consumers who are increasingly turning to the web to make their fashionable purchases.
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Rumors were circulating for the past few months that the retailer was at high risk of defaulting on a 0 million loan that is due in May 2017.
The retailer was also failing to perform in the face of fierce competition.