The letter from Michael Foss, CEO of Sports Authority reads simply like this:
May 25, 2016
Dear Customers,
Sports Authority and its predecessor companies have been serving the sporting goods needs of our customers since 1919. It is with great sadness that we are intending to close all of our stores by the end of August.
We will be holding store closing sales at all of our locations that will allow you to take advantage of big discounts on great brands.
On behalf of the entire Sports Authority team, I would like to express our sincere appreciation to our customers for their years of loyalty. It has been a pleasure to serve you and your family.
Sincerely,
Michael Foss
Chief Executive Officer
“We are five days away from fundamentally transforming the United States of America.” — Barack Obama, October 30, 2008
There is NO ECONOMICAL recovery since Barack Obama took office. In fact quite the opposite. Obama’s administration has misled the American people from day one with faulty economic and unemployment numbers. Obama said in 2008 that he planned to “Fundamentally Transform America.” He has remained true to that promise. Those of us who love and cherish our country, did not see a need for transformation. I do not believe that anyone other than the radical left, knew that this president meant a complete transformation from top to bottom, and a change in foreign relations.
The Sports Authority closings follow that of another another athletic goods retailer, Sport Chalet, taking similar action. The chain stopped online transactions and began closing sales at its nearly 50 stores in April.
Sports Authority, which was owned by the Los Angeles-based private equity firm Leonard Green & Partners, has said that it was hampered by $1.1 billion in debt” and with no true economical recovery since Obama and his minions took office, they have no choice but close its doors after nearly 100 years in business!
With Liberals wanting to give, every kid a trophy, and no one is a winner, but everyone is a winner attitude, fewer kids are entering the sports industry. many are still at home playing video games!
Although the amount of athletic and sport equipment sales made online grew to 15.8% last year from 11.8% in 2010, according to the National Sporting Goods Association, the Obama administration has not made it easy for a private corporation to grow and prosper in America having added thousands of new regulations, raising taxes on corporations and forcing companies to raise minimum wages and provide health insurance, even to part time workers.
Still, it’s not just sporting goods sellers that are struggling. “It seems like every retail industry is dealing with its own set of challenges,’’ Nemec says. “I certainly don’t think the sporting goods industry is the only one.’’
