Sports Authority Files for Chapter 11 Bankruptcy

Englewood, Colo.-based Sports Authority early Wednesday morning filed for Chapter 11 bankruptcy, hoping to reorganize its operations and reduce its $1.1 billion debt, according to court documents and an interview with CEO Michael Foss. The filing in U.S. Bankruptcy Court in Delaware was expected. In a statement issued in conjunction with the filings, the company said it has identified two distribution centers and 140 of its 464 stores for closure in the coming months.