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.