By Doug Zanger

Troubled sports retailer, Sports Authority, filed for Chapter 11 bankruptcy in Delaware Tuesday and intends to close 140 stores. It emerged that the company, owned by Los Angeles-based private equity firm Leonard Green & Partners and headquartered in Englewood, Colorado, outside of Denver, owes Nike, Inc. $47.9m and Under Armour $23.2m. The company currently operates 463 stores with around 13,000 employees in 40 US states and Puerto Rico.

The company had a difficult time coping with losing market share to online retailers, became saddled with $1.1bn in debt and was unable to keep up with evolving consumer trends.

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Source: The Drum