Sports Authority, once the largest sporting goods retailer in the U.S., went out of business and closed all its stores in 2016 after filing for Chapter 11 bankruptcy and failing to find a buyer or reorganize, leading to liquidation sales and the shuttering of its 450+ locations nationwide by late summer 2016. The closure was attributed to intense competition and significant debt from private equity buyouts and acquisitions, marking a significant event in the "retail apocalypse" trend.

Why They Closed

Bankruptcy: The company filed for bankruptcy in March 2016, initially hoping to close some stores and reorganize, but ultimately had to liquidate everything.

Debt Burden: A major factor was the heavy debt from a $1.4 billion leveraged buyout in 2006 by private equity firm Leonard Green & Partners and other acquisitions.

Competition: The sporting goods market was highly competitive, with other retailers and online options challenging Sports Authority.

What Happened to the Stores

Liquidation Sales: Going-out-of-business sales started in May 2016, with significant discounts on brands like Nike, Under Armour, and Adidas.

Final Closures: All stores were expected to be closed by the end of August 2016, with assets sold off.