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 that it's giving up on that plan and is choosing to auction itself off instead, 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.
Company lawyer Robert Klyman spoke on Sports Authority's future at a U.S. Bankruptcy Court hearing in Delaware last week.
"It has become apparent that the debtors will not reorganize under a plan but instead will pursue a sale," he said, according to The Wall Street Journal.
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.
NBC has reached out to Sports Authority for comment.
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