Sports Authority to Close All Stores: 3 in Rhode Island

MIDDLETOWN, RI—Sports Authority will close all of its more than 450 locations after filing for bankruptcy.

The sports retailer filed for Chapter 11 in March and is carrying over $1 billion in debt and has decided to liquidate all assets and pursue a sale. The company employs over 14,500 people.

A phone message and email to Sports Authority for comment were not immediately returned.

Sports Authority has three locations in Rhode Island: Middletown, Narragansett and Warwick.

There is no word on when the stores will be shuttering, but customers can expect heavy discounts in the near future on everything from team apparel to sports equipment.

Sports Authority faces stiff competition from other major retailers such as Dick's Sporting Goods and Modell's.

The company said earlier this year that it had missed a $20 million debt payment. A $300 million payment is due in May 2017, according to BusinessInsider.com.

Sports Authority is headquartered in Englewood, CO, and has stores in 41 states. Its first location was opened in 1987 in Lauderdale Lakes, FL.

Photo courtesy of Mike Kalasnick via Flickr