Sports Authority Bankruptcy

A woman leaves a Sports Authority store in New York. Sports Authority filed for Chapter 11 bankruptcy protection in March and is closing all of its stores. (AP Photo/Richard Drew)

(Richard Drew)

Sports Authority stores across the country will soon close for good.

All 450 Sports Authority stores, including a location in Lancaster, will be liquidated and permanently shut their doors in the next few months. The company recently filed for Chapter 11 bankruptcy and planned to close 140 stores and two distribution centers, but the Sports Authority could not reorganize and is pursuing an outright sale, according to a Forbes report.

Sports Authority is saddled with more than $1.1 billion in debt and will not be able to reorganize. The 123rd largest company private company in the U.S. and employs 16,000 people in 45 states, according to Forbes.

Previous reports said Sports Authority had "substantial" interest from potential bidders. Prospective buyers would now be able to bid on all of the company's assets.