Sports Authority has reached the end of the line.

Two months after announcing it planned to close about 140 stores, the Colorado-based company has decided to sell its remaining assets, according to a report on Forbes.com.

Rather than attempt to re-organize under Chapter 11 bankruptcy protection, Sports Authority will hold an auction May 16.

Sports Authority plans to close all its remaining stores after selling its assets at an auction later this month.

The Sports Authority stores on the chopping block were the locations in East Brunswick, Cherry Hill, Wayne, Manalapan and Piscataway. Now the other 16 stores in New Jersey appear to be on the verge of shutting their doors for good.

If a buyer emerges, some locations could be saved, according to Forbes. There are 463 Sports Authority stores in 41 states employing more than 14,500.

Sports Authority is $1.1 billion in debt and lost $256 million before taxes in fiscal year 2015, according to WSJ.com. In January, Sports Authority failed to make a $20 million debt payment, according to CNN Money.

A $300 million loan is due in May 2017, BusinessInsider.com reported.

The chain expanded considerably through the acquisition of competitors beginning in 1997, taking its present form following five mergers. With stores in 41 states and in Puerto Rico, Sports Authority was once the nation's leading sports retailer but has slipped to fourth place behind competitors including Dick's Sporting Goods.

Online retailers such as Amazon as well as websites run by college and professional teams and league have also taken a big bite out Sports' Authority's sales.

It employs about 15,000 people nationwide.

Jeff Goldman may be reached at jeff_goldman@njadvancemedia.com. Follow him on Twitter @JeffSGoldman. Find NJ.com on Facebook.