Once a heavy-hitter in the sporting goods retail business, Sports Authority has fallen on tough times.
The retailer filed for Chapter 11 bankruptcy on Wednesday and announced it will be forced to close or sell roughly 140 of its 450 stores nationwide.
CEO Michael Foss said in a statement, "Due to the changing retail environment, we have a long-term plan to streamline and strengthen our business ... including upgrading our in store experience and enhancing our website."
Some of those 140 stores could be sold to Dick's Sporting Goods, which has only grown while Sports Authority struggled.
Bloomberg blames the Sports Authority's slump, in part, on missing the opportunity to "exploit the fitness boom."
The outlet said, "As big-box giants and online merchants encroached on clothing stores and consumer electronics chains, sports were one of the few healthy areas."
Sports Authority's been hounded by debt in recent years following its $1.3 billion acquisition by private equity firm Leonard Green & Partners.
The bankruptcy filing isn't a total shock since the Englewood, Colorado-based company missed a $20 million interest payment in January. Reports indicated then that a bankruptcy filing in March was possible.
This video includes clips from Sports Authority, Dick's Sporting Good and KMGH and images from Getty Images and Ray Bouknight / CC BY 2.0.
