Sports Authority has reportedly filed for Chapter bankruptcy, indicating that it is planning to close its doors.
According to CNN and other sources, the sports retailer will close all its 450 stores nationwide, as well as its two distribution centers, in the months ahead.
An exact timeline wasn’t given.
Carrying just over $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.
Forbes notes that customers can expect sales and discounts to fast-track. Sports Authority, however, has not yet made any such announcements on its website.
Sports Authority opened its first store in 1987 in Fort Lauderdale, Florida.