Sports Authority Files For Bankruptcy

Photo: Sports Authority store in New York (AP Photo)AP
A woman leaves a Sports Authority store, in New York, Wednesday, March 2, 2016. Sports Authority is filing for Chapter 11 bankruptcy protection. The Englewood, Colo., company has 463 stores in 41 states and Puerto Rico. 

The retailer said Wednesday it plans to close or sell about 140 stores and two distribution centers, including one in Denver. 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.

In a letter to customersFoss also says that patrons of the store "should not be affected by this restructuring process."