Sports Authority Files for Bankruptcy

The Sports Authority filed for bankruptcy on Wednesday and announced it will close 140 stores.

The sports supply retailer has several stores throughout metro Atlanta, including Buckhead, Kennesaw and at DeKalb's Northlake Mall, among others.

The 140 stores targeted for closure is nearly one-third of the company's total of 450 stores, reports CNN Money, and the stores will be closed over the next three months.

In January, the company, owned by a Los Angeles-based private equity firm, announced it had missed a $20 million debt payment.

If the company is granted approval from a bankruptcy judge, liquidation sales could begin as soon as Friday, reports USA Today.

Sports Authority has 14,500 full- and part-time employees with more than $1 billion in liabilities and assets between $500,000 and $1 billion.