Sports Authority Holds Going-Out-of-Business Sale

Sports Authority is closing all of its 450-plus stores in 45 states after filing for Chapter 11 bankruptcy protection earlier this year and is launching a going-out-of-business sale on Thursday, May 26.

The sale should wrap up by August. Also, store fixtures, furniture and equipment will be up for sale, just in case you were thinking of starting your own sporting goods store. But retail chains that sell athletic equipment and clothing aren't doing that well right now.

Sport Chalet, started nearly 60 years ago in Southern California, also filed for Chapter 11 bankruptcy protection this year and is shuttering all of its more than 50 stores.

Originally, the Sports Authority, based in Englewood, Colo., was going to wind down operations at 142 stores and find a buyer for the rest of the stores, but no one stepped forward to make a deal. There are at least 76 Sports Authority stores in California.

And just in case you've been hanging on to a Sports Authority gift card, you have until June 27 to redeem it.