(NEW YORK) — Weeks after filing for Chapter 11 bankruptcy protection, Sports Authority is reportedly dropping its attempts to reorganize and will instead look to sell off its assets.
The company is carrying more than a billion dollars in debt and unless a buyer comes in who wants to keep locations open, Forbes reports it’s likely that all of Sports Authority’s 450 stores nationwide will shut down.
The company is expected to auction off its assets on May 16.
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