Sports Authority is bankrupt and closing 140 stores
NEW YORK -- Sports Authority filed for bankruptcy early Wednesday and said it will close 140 stores, nearly a third of its total. The bankruptcy has been looming since January, when the company disclosed that it had missed a $20 million debt payment. The store closings will take place over the next three months. The bankruptcy filing will allow it to break leases for money-losing stores. The company's filing disclosed more than $1 billion in liabilities and assets valued at less than $50,000.