(KHON) — There were several reports out this week that Sports Authority will eventually be closing all of its 450 stores.
The sporting goods retail chain filed for Chapter 11 bankruptcy last month, originally saying it would close 140 stores and two distribution centers.
But according to Forbes, Sports Authority officials said in U.S. bankruptcy court that it will not be able to reorganize and will pursue a sale instead. The retail chain is carrying just over $1 billion in debt.
According to the magazine, Sports Authority will sell off most of its assets in a court-supervised auction on May 16.
There are three Sports Authority locations in Rhode Island; Warwick, Middletown and Narragansett.
Forbes is reporting a number of parties, including rival Dick’s Sporting Goods, have expressed interest in buying some Sports Authority stores.