UPDATE: The company denies parts of the story from the Denver Post. Here is their statement...

"At the beginning of the Chapter 11 process, Sports Authority was pursuing two tracks: one track involved a financial restructuring through a standalone Plan of Reorganization, and the other track involved an M&A process and the potential sale of our business or certain assets. As Sports Authority disclosed to the Court on Tuesday, April 26th, we are no longer pursuing the standalone Plan of Reorganization track because we could not get our  lenders to agree on the terms of such a Plan. Therefore, we are now focusing solely on the M&A track and are pursuing a sale of some or all of the business. We have received initial expressions of interest from a number potential buyers, and we are optimistic about the results of the M&A process."

Nationwide sporting goods retailer Sports Authority will be closing all of their stores and going out of business.

Unfortunately another chain of stores will be closing as Denver Metro based Sports Authority will be closing all of their stores.

The retailer filed for Chapter 11 Bankruptcy back in March, but on Tuesday (4/26) according to the Denver Post, company attorney Robert Klyman told a bankruptcy judge that the retailer's creditors had made reorganization impossible and that the company would now pursue a sale of its assets.

The retailer is a major anchor store here at the Cheyenne Frontier Mall. It has not been announced when the store will close its doors and who will take over their space when the lights finally go out for good. At this time it is also unclear if the stadium where the NFL team Denver Broncos plays, Denver's Sports Authority Field at Mile High, will be getting a new name for their next season.