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Under Armour expects little impact from Sports Authority bankruptcy

A Sports Authority store is shown in Miami. The chain of stores owned by private equity firm Leonard Green & Partners will seek to sell or close about 140 stores.
A Sports Authority store is shown in Miami. The chain of stores owned by private equity firm Leonard Green & Partners will seek to sell or close about 140 stores. (Joe Raedle / Getty Images)

Under Armour still expects $4.95 billion in sales this year despite the Chapter 11 bankruptcy announced this week by key customer Sports Authority.

The Baltimore-based athletic apparel brand reiterated its previous outlook for the year in a U.S. Securities and Exchange Commission filing Friday. The anticipated sales represent 25 percent growth over 2015.

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"The Sports Authority is a longstanding customer of the company, and the company intends to support them as they proceed through their restructuring," Under Armour's filing said.

Sports Authority filed Wednesday to reorganize its debts in bankruptcy, saying it would close 140 of its 463 stores, including one in The Mall in Columbia and another in Catonsville. Liquidation sales began Friday at those and other closing stores.

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In bankruptcy documents, the chain listed $23.2 million in unsecured debt due to Under Armour.

The sports apparel maker said it will offset the bankruptcy's impact through continued sales to the retailer and through other channels and customers.

The company said it will monitor the proceedings, but does not believe it's "materially impacted" by exposure from payments owed by the chain.

lorraine.mirabella@baltsun.com

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