Sports Authority Inc. filed for Chapter 11 bankruptcy on Wednesday and plans to close 140 stores. 

According to, the sporting goods retailer owes a whopping $48 million to Nike and $23 million to Under Armour.

In the press release, which appears on the Sports Authority website here, company CEO Michael Foss addresses the decision to "utilize the Chapter 11 process to implement a financial and operational restructuring," avoiding direct use of the word "bankruptcy."

"Due to the changing retail environment, we have a long-term plan to streamline and strengthen our business so we can continue to make necessary investments in our operations, including upgrading our in store experience and enhancing our website," Foss writes. "As part of that plan, we have identified approximately 140 stores that we intend to close or sell in the coming months."

Sports Authority plans to close these 140 stores in the next three months, Foss writes.