A federal bankruptcy judge Tuesday approved a deal from electronics giant P.C. Richard & Son Inc. to purchase a Sports Authority store in Brooklyn for $187,756.
Farmingdale-based P.C. Richard & Son will assume the lease of the Sports Authority store at 550 Gateway Drive in Brooklyn. The store is located at Gateway Center, also referred to as Gateway Mall, a shopping complex in the Spring Creek section of East New York.
Judge Mary F. Walrath made the decision on the store Tuesday at a hearing in federal bankruptcy court in Wilmington, Delaware. The auction for remaining unexpired store leases is scheduled for June 29.
“We are thrilled to add this location and make it our 67th store overall and our seventh showroom in Brooklyn,” said Gregg Richard, chief executive of P.C. Richard. “Our very first showroom was started in Brooklyn over 106 years ago.”
P.C. Richard, which sells consumer electronics, televisions, appliances, computers and mattresses, has stores in New York, New Jersey, Connecticut and Pennsylvania. The family-owned and operated company has about 2,900 employees.
Earlier this month, Englewood, Colorado-based Sports Authority, which filed for Chapter 11 bankruptcy protection in March, announced it was no longer pursuing reorganization and would sell some or all of its business. At the time of the filing, Sports Authority had about 14,500 employees.
The eight Sports Authority stores on Long Island that will close are located at: 950 Old Country Rd. in Westbury, 1160 Old Country Rd. in Riverhead, 2110 Nesconset Hwy. in Stony Brook, 124 Veterans Memorial Hwy. in Commack, 5151 Sunrise Hwy. in Bohemia, 3505 Hempstead Tpke. in Levittown, 5234 Sunrise Hwy. in Massapequa and 1230 Old Country Rd. in Westbury.