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.READ MORE: Authorities Arrest Suspect Involved In Pursuit Of Suspected Stolen Vehicle, Possible DUI
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.READ MORE: Californians Could Soon Be Fined For Using Too Much Water
The company, based in Englewood, Colorado, was once the biggest sporting-goods chain in the United States.MORE NEWS: USC Student Second of Three Confirmed Omicron Cases In LA County
There are 76 Sports Authority stores in California.