Sports Authority announced Wednesday it has filed Chapter 11 bankruptcy and will close 140 stores nationwide as a result – roughly five of which are located in the greater San Fernando Valley region.

The Englewood, Colo. sporting goods chain, owned by parent TSA Stores Inc., estimates it has accumulated up to $595 million in debtor-in-possession financing and said minimizing operations is part of its long-term strategy.

In an effort to restructure the business, Sports Authority will close 140 locations and two distribution centers in Denver and Chicago. Valley-area closures will take place in Camarillo, Canoga Park, Thousand Oaks, Ventura and Woodland Hills.

The company said store closures should be completed within three months, pending court approval.

“We are taking this action so that we can continue to adapt our business to meet the changing dynamics in the retail industry,” Michael Foss, chief executive of Sports Authority 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 has 463 stores nationwide, including in Puerto Rico. The chain offers an array of sporting goods from footwear and apparel to outdoor recreational equipment.

At present, the company said stores nationwide will remain open and continue to operate as normal. TSA Stores has also requested the courts permission to continue paying employees’ wages, salaries and benefits throughout the bankruptcy proceedings. Approval for those requests is expected within the next few days, according to the company.