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.