"You've got to get the store experience, the online experience, everything needs to be working together," he said. "The execution of these things has been inconsistent." Sports Authority's knack for deep discounting to clear inventory also cuts into margins, while the high debt load sucks up cash and growing e-commerce sales ripple into higher shipping and fulfillment costs, Zuccaro said. Although the company has drawn a sizable amount from its $650 million revolving credit fund, it remains cash-strapped, Zuccaro said. Sports Authority's cash flow was $87 million in the red in 2015. The principal of its debts — and any unpaid interest — starts coming due in May 2017. Sports Authority carries one of the lowest speculative credit ratings from Moody's, which downgraded the company to Caa3 after the missed interest payment. "The debt structure is unsustainable," Zuccaro said.