After months of financial trouble, Colorado based sporting goods giant Sports Authority will be no more.

Credit: Google

Sports Authority filed for chapter 11 bankruptcy two months ago and and closed nearly a third of its locations will now close all if its remaining 450 store nationwide. According to reports from Forbes, the company's assets will go to auction on May 16th. Currently, Sports Authority had more than $1.1 billion in debt and will not be able to reorganize.

The announcement has not been posted to Sports Authority's website as of yet. However, customers should be on the lookout for discounted prices soon as the stores begin the process of closing. .

Source: The Denver Channel