Fitness might be the new status symbol and athleisure clothing might be all the rage , but for one storied brand, the health and wellness boom hasn't translated into a bottom-line boon.
"Due to the changing retail environment, we have a long-term plan to streamline and strengthen our business so we can continue to make necessary investments in our operations, including upgrading our in store experience and enhancing our website," Sports Authority CEO Michael Foss said in a letter to customers posted on the Sports Authority website.
According to court papers, Sports Authority owes more than $300 million in unsecured mezzanine debt to creditors including TCW, New York Life and Northwestern Mutual.