Bloomberg business wire is reporting that the retailer Sports Authority, which has a store in Rochester, is considering Chapter 11:
Here's a link to the website Chain Store Age, which has a take on the story, posted Friday:
Sports Authority "has a debt payment due in 10 days and in talk with its lenders about a reorganization plan under which it would close as many as 200 of its more than 450 stores, the report said.
"Sports Authority reportedly skipped a $20 million in interest payment in January on a $343 million loan. It has 10 days to make the payment.
"Sports Authority saw its corporate credit rating downgraded by Moody’s Investor Service on Jan. 20 after the retailer said it elected to not make a $21 million interest payment that was due on Jan. 15. Moody’s cut its corporate family rating and $300 million secured term loan due 2017 rating to Caa3 from Caa1 issued a negative outlook on the company."