Sports Authority Stores Nationwide Begin Going-Out-Of-Business Sales

ENGLEWOOD, Calif. (CBS) – It's official: Sports Authority is closing for good.

The retailer's liquidator's announced that going-out-of-business sales start Thursday at all 450 Sports Authority stores nationwide. Brands like Under Armour, Nike, North Face, Wilson, Adidas, Spalding, ASICS, Head, Coleman, Everlast, and Brooks will all be sold at up to 30 percent off their regular price.

There are also store fixtures, furniture and equipment that will be up for sale, executives announced.

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Anyone who still has Sports Authority gift cards will need to use them by June 27. The stores are expected to shut down by the end of August.

The closures follow a failed attempt by Sports Authority to reorganize under Chapter 11 bankruptcy protection.

"We pursued both a plan of reorganization, as well as a sale of our business, but were unsuccessful in reaching an agreement that would have allowed Sports Authority to continue to operate," said Sports Authority CEO Michael Foss in a statement. "We sincerely thank our loyal customers for supporting our company over the years and encourage them to shop early for tremendous values on their favorite sporting good products."