Sports Authority announces plan to liquidate all 450 stores

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If you have a gift card to Sports Authority, you may want to go ahead and use that as soon as possible.

Read more: 11 retailers closing the most store this year

Sports Authority may liquidate all 450 stores

The sporting goods store has decided to sell off its assets, after suspending attempts to reorganize under Chapter 11 bankruptcy protection, which the company filed in March. That reorganization included plans to close 140 stores and two distribution centers.

Since the retailer is facing $1.1 billion in debt, it says it won’t be able to reorganize in order to keep stores up and running and notified the bankruptcy court that it is instead pursuing a sale.

According to Forbes, the company’s assets will go up for auction May 16, and while ‘buyers could emerge who would keep the doors open in at least some locations,’ it’s possible that all 450 stores will be liquidated.

Read more: Kohl’s is closing these 18 stores across U.S.

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