Sports Authority to Take Steps Toward a Bankruptcy Filing

Bloomberg reports:

Sports Authority Inc. is preparing to file for bankruptcy as it faces a debt payment due in 10 days, according to people with knowledge of the matter.

The retailer, once the biggest sporting-goods chain in the U.S., is in talks with lenders including TPG Capital Management LP on a deal to reorganize in Chapter 11 bankruptcy proceedings, said the people, who asked not to be named because the negotiations are private. It’s also mapping out a plan to close as many as 200 of its more than 450 stores under the bankruptcy plan, the people said.

Can you say square footage is going to be available?