Colorado-Based Sports Authority To Close Up Shop

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 company had planned to close some stores, reorganize debt and stay in business. But at a bankruptcy hearing Tuesday, it came out that the retailer will shut down completely. 

The company headquartered in Englewood was more than $1 billion in debt when it filed for bankruptcy last month. Sports Authority’s closing makes it possible the Denver Broncos’ stadium will have a new sponsor next season.