A big sporting goods chain is filing for bankruptcy.

FOX's Chris Foster reports:

Sports Authority announces plans to close or sell about 140 of its 463 stores and file for chapter 11 bankruptcy. Distribution centers in Denver and Chicago will shut down as well.

The company's CEO Michael Foss says in a statement, on-line shopping means fewer stores are needed. A letter to customers says Sports Authority's website will be improved, with upgrades made to the physical stores that stay open.

Foss also says all or part of the company could be sold, or take on new investors.

Chris Foster, FOX News.