Sports Authority's End? Selling All Locations

Sports Authority may soon close all of its more than 450 locations as the company attempts to sell off its assets in an auction later this month, according to multiple reports.

Sports Authority has six locations in Northern Virginia communities, including Alexandria, Fair Lakes, Fredericksburg, Gainesville, Sterling and Tyson's Corner. The company employs over 14,500 people nationwide.

In March, the company announced a Chapter 11 bankruptcy filing that included selling off more than 140 locations across the country, along with two distribution centers.

With more than $1 billion in debt, the company has decided to liquidate all assets and pursue a sale, according to Forbes.

A phone message and email to Sports Authority for comment were not immediately returned.

Sports Authority has faced stiff competition from other major retailers such as Dick's Sporting Goods and Modell's, and a shifting market that has more apparel companies like Nike and Under Armour reaching customers directly.

Sports Authority said earlier this year that it had missed a $20 million debt payment. A $300 million payment is due in May 2017, according to BusinessInsider.com.

"We are committed to evolving as a company so we are able to continue to offer the best brands at great values - both in our stores and on our website, SportsAuthority.com," CEO Michael Foss wrote in a letter to customers back in March.

A hearing on whether or not the Sports Authority will be able to oversee its own liquidation or if it will be ordered into Chapter 7 bankruptcy, under which a court-appointed trustee will oversee liquidation, is set for Tuesday, the Denver Post reported.

Sports Authority is headquartered in Englewood, CO, and has stores in 41 states. Its first location was opened in 1987 in Lauderdale Lakes, FL.

Includes reporting by MIKE CARRAGGI and SHERRI LONON