Sports Authority is filing for Chapter 11 bankruptcy protection.
The company announced on Wednesday that it plans to close about 140 of its 463 stores and shut down two distribution centers.
The company expects the store closings to take up to three months.
Sports Authority stores will remain open and run on normal schedules during the Chapter 11 process.
The company will also continue to own and operate its e-commerce platform during and after the bankruptcy.
CEO Michael Foss said in a written statement that The Sports Authority had received interest from third parties that may want to invest in or buy some or all of the business.
Foss has not revealed which companies may be interested in acquiring or investing in the business.