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Sports Authority has filed for bankruptcy, and has identified some 140 of its 450 stores and two distribution centers that it plans to close or sell as it restructures.

In the filing this morning, Reuters reports, Sports Authority listed assets of up to $50,000 and liabilities of between $1 million and $10 million. The retailer said it has received interest from companies interested in buying all or part of the company.

The story notes that "the retailer has struggled with an inconsistent operating performance over at least the past four years, according to a research note by Moody's Investors Service, and has been trying to cope with the impact of adverse weather and poor management."
KC's View:
Could it be that Sports Authority has only $50,000 in assets? I would've thought that each of its stores has $50,000 worth of baseball mitts, based on how much they cost this year.