March 2, 2016 9:42 AM EST

The long-speculated bankruptcy of Sports Authority is official.

In a statement posted to its website Wednesday, CEO Michael Foss said that the company decided to file for Chapter 11 bankruptcy as a way to implement a financial and operational restructuring that it sees as necessary to better appeal to customers.

Foss said the sporting goods retailer has identified 140 stores to close or sell in the coming months. “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,” he wrote.

Speculation of the filing heated up when Sports Authority missed a $20 million interest payment in January. That prompted a 30-day grace period during which it could compromise with creditors. That window ended February 14.

This story is developing. Check back for updates.

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