Sports Authority is closing all its stores.
The sports apparel and athletics equipment chain has lost the battle against similar retailers, announcing plans to shut down all locations and liquidate.
The company filed for Chapter 11 bankruptcy last month as it faced more than $1 billion in debt. Debtors couldn’t find a way around not selling it all, but that’s ultimately the only choice.
Internet sales have increased the competition in the sports retail industry, hurting companies like Sports Authority that made their revenue from brick-and-mortar sales.