Dick’s to relaunch Sports Authority
Steve’s breakdown: You don’t spend $15 million on a brand name and not have plans to relaunch it – Right?
So do you think they’ll need help with that . . . ? I do!
CORAOPOLIS, PA: Dick’s Sporting Goods was the victor on Thursday at the bankruptcy auction for former rival Sports Authority Holdings.
Dick’s bid $15 million for the brand name and other intellectual property, beating British-based Sports Direct International PLC’s $13 million bid, according to the Wall Street Journal.
Dick’s also had the winning bid at the auction for 31 Sports Authority store leases, for an additional $8 million, the report said.
The winning bids are subject to the approval of the U.S. Bankruptcy Court.
Sports Authority filed Chapter 11 bankruptcy protection in March with more than $1 billion in debt.