Sports Authority filed for bankruptcy Wednesday, Bloomberg Business reports. Over the next three months, the fitness gear chain will close 140 locations, CEO Michael Foss said in a statement.
"We have decided to utilize the Chapter 11 process to implement a financial and operational restructuring that we believe is necessary to help us become an even better place for our customers to shop for sporting goods," Foss said.
The retailer's main competitor, Dick's Sporting Goods, brings in nearly twice as much money per location, and has hundreds more locations.
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