Sports Authority Goes Bankrupt

CNN Money reported that Sports Authority will be closing 140 stores as they are bankrupt.

The store closings will happen within the next three months. They plan to borrow up to $595M to fund its operations while in bankruptcy.

The bankrupt rumor started in January as they missed a $20M debt payment.

Last time a large retailer went bankrupt was Radioshack a year ago, then Borders in 2011 and Circuit City in 2008.

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