Sports Authority files for bankruptcy protection

Sports Authority Inc. yesterday filed for Chapter 11 bankruptcy, saying it had identified about 140 stores and two distribution centers in Chicago and Denver for closure or sale.

The Englewood, Colo., retailer was expected to file for bankruptcy after missing a Jan. 15 coupon payment of $20 million.

The sporting goods company said it would have access to as much as $595 million in debtor-in-possession financing. Filings show listed assets worth up to $50,000 and liabilities between $1 million and $10 million.

Read more from The Associated Press.