Sports Authority closing all 450 of its stores

Sports Authority is closing all 450 of its stores nationwide, according to CNN and Forbes.com. The company filed for Chapter 11 bankruptcy protection in March, indicating that it would close 140 stores and two distribution centers. According to CNN, Sports Authority is carrying just over $1 billion in debt.

The company notified the U.S. Bankruptcy court that it would not reorganize and would pursue a sale instead. Sports Authority will liquidate all stores and close down operations in the months ahead. The sporting goods industry has been under increasing pressure, Forbes reported. There is also talk that Bass Pro Shops is interested in buying Cabela’s. FULL REPORT