Sports Authority To File for Chapter 11

LOS ANGELES (CBSLA.com) — Sports Authority is planning to file for bankruptcy, Bloomberg Business reports.

It has a debt payment due in 10 days and is talking about a reorganization deal with lenders. Part of the bankruptcy plan includes possibly closing 200 of its 450 stores across the country.

Bloomberg reports the retailer is at least $643 million in debt as it struggles to compete with competitors like Dick's Sporting Goods, Lululemon Athletica and even Amazon.

The company, based in Englewood, Colorado, was once the biggest sporting-goods chain in the United States.

There are 76 Sports Authority stores in California.