Sports Authority has officially filed for bankruptcy early Wednesday March 2nd, 2016. The bankruptcy has been looming since January, when the company revealed that they had missed paying a debt of 20 million dollars, reported cnn.com

The stores will be closing over the next 3 months, about 140 stores will be closing which is about a third of Sports Authorities stores total. “We are taking this action so that we can continue to adapt our business to meet the changing dynamics in the retail industry,” Sports Authority CEO Michael E. Foss said in a statement. “We intend to use the Chapter 11 process to streamline and strengthen our business both operationally and financially so that we have the financial flexibility to continue to make necessary investments in our operations.”

Sports Authority owes millions to providers like Nike and Under Armor.” The company, which filed for bankruptcy in a federal court in Delaware, currently operates 463 stores with about 13,000 employees in 40 states and Puerto Rico. Its top 10 unsecured creditors include Nike, which is owed $47.9 million, and Under Armour, which is owed $23.2 million,” reported USAtoday.com

Sports Authority spends $6 million a year to have its name on the stadium that is home to the Denver Broncos, which just won the Super Bowl. It is unclear that they will keep the 25 year naming rights deal will continue under the bankruptcy. “This was a tough decision to make, but we believe it was a necessary step in our plan to make Sports Authority an even better partner for our customers,” said CEO Michael Foss, reporter money.cnn.com