Lake Zurich Sports Authority staying open
Scratch Lake Zurich's Sports Authority from the closure list included in a bankruptcy filing last week.
Village Square Shopping Center owner John Alan Sfire told the Daily Herald he's reached agreement on a renegotiated lease with Sports Authority. Sfire said Sports Authority has committed to the 9-year lease balance for the space on the southwest corner of Rand Road and Route 22.
"They wouldn't keep it under any circumstances if the store wasn't a viable store," he said.
While Sports Authority will pay half the typical rent for the Village Square location, it's preferable to a vacancy, Sfire said.
"Something is better than nothing," he said.
Sports Authority Inc., which filed for Chapter 11 bankruptcy reorganization last week, initially released details of a plan to close about 140 stores, including 11 in Illinois. Sports Authority spokesman Steven Goldberg was not immediately available for comment Tuesday.
Local stores that were listed in the court filing included Lake Zurich, Schaumburg, Geneva, Lombard and Northbrook.
Sports Authority Chief Executive Officer Michael E. Foss said in a statement the Chapter 11 bankruptcy process would be used to streamline and strengthen the business operationally and financially.
Plans call for Sports Authority to use a $595 million loan from four financial institutions to operate as it restructures in bankruptcy, according to court papers filed with the bankruptcy in Wilmington, Delaware.