National retail chain Sports Authority's future looks pretty bleak.
The company announced in early March that it planned to close 140 of its 463 stores and filed for Chapter 11 bankruptcy protection in Delaware, using the store closings to attempt to save its finances.
But just last week, Sports Authority indicated it's giving up on that plan and choosing to auction itself off, according to Fortune. Despite media reports over the weekend, the company has not said whether it will shutter its entire fleet of stores, Fortune reported.
Sports Authority told NBC in a statement Monday, "we are no longer pursuing the standalone Plan of Reorganization track because we could not get our lenders to agree on the terms of such a Plan."
The company added that it's "focusing solely" on the Mergers and Acquisitions (M&A) track and "pursuing a sale of some or all of the business."
The company said a number potential buyers have expressed interest in the sale.
Sports Authority also said it will be moving forward with the plan to close about 140 stores and that the "outcome of the M&A process will determine whether any additional store closings will be required."
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A court-supervised auction for the company's assets will be held on May 16, Fortune reported. The retail chain holds more than $1.1 billion in debt, and may be using the sale to help save its remaining stores.
