NEW YORK — Sports Authority is filing for Chapter 11 bankruptcy protection to try to fix its business as it pays off $1.1 billion in debt.
The retailer said Wednesday that it plans to close or sell about 140 stores and two distribution centers, in Denver and Chicago.
Sports Authority stores will remain open and run on normal schedules during the Chapter 11 process.
The company is also laying off 3,400 employees, or about one-third of its staff, all of whom were notified on February 10, according to the Denver Post.
“We wanted to give them plenty of time to find their next opportunity, whether it’s in the company, or wherever else it is,” Foss said. “It is hard to close a store or a distribution center, or right-size a corporate headquarters. We try to mitigate the impact on people as much as possible.”
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