Sports Authority has reportedly filed for Chapter 11 bankruptcy and is liquidating assets, according to reports.
In March, the retailer said it would close 140 stores and two distribution centers . An exact timeline for the closures wasn’t given.
Carrying just more than $1 billion in debt, Sports Authority — under the increasing pressure of the sporting goods industry — reportedly notified the U.S. Bankruptcy court that it would not reorganize. It has 463 stores throughout the country, according to the L.A. Times .
Sports Authority opened its first store in 1987 in Fort Lauderdale, Florida.