Markets

Sports Authority goes bankrupt

/ AP

NEW YORK - Sports Authority is filing for Chapter 11 bankruptcy protection.

The retailer said in a Wednesday that it plans to close or sell about 140 stores and two distribution centers. The store closings are expected to take up to three months. The Englewood, Colorado, company has 463 stores.

Sports Authority stores will remain open and run on normal schedules during the Chapter 11 process. The company's website will continue to function as well.

CEO Michael Foss said in a written statement that The Sports Authority Inc. has received interest from third parties that may want to invest in or buy some or all of the business.

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