More details have emerged about Sports Authority's plans to file for Chapter 11 bankruptcy protection as soon as Tuesday evening, The Wall Street Journal reported.
Sports Authority agreed to take up to $595 million in bankruptcy financing, sources told the Journal on Tuesday. But the sports equipment retailer could shut down all its stores by the end of April if it can't get more money into the business, the report said.
Rival Modell's and lenders like Blackstone Group have shown interest in bidding for the best stores, but most retail bankruptcies tend to end in liquidation, according to the Journal.
The bankruptcy protection filing was expected to come this month, after Reuters reported in February that the chain was struggling to make payments to suppliers of golf clubs, sneakers and other sporting apparel.
Sports Authority did not immediately respond to a request for comment from CNBC.
