Sports Authority has long been one of the big names when it came to sporting equipment and general outdoors goodness. Unfortunately, the sporting goods business like so many others these days aren’t doing so great. Sports Authority has given up after accumulating $1.1 billion dollars in debt. The retailer filed for Chapter 11 protection in March. They announced that they will be closing 140 of their 463 stores.

Normally, under bankruptcy a company would reorganize and pick themselves back up, but the company has decided to just sell off their assets and call it quits. Sports Authority’s financial advisor has told the court that current takeover offers would barely cover the $100 million it would take to cover administrative and liquidation costs. Big players such as Dick’s Sporting Goods are in prime position to buy the assets.