San Luis Obispo’s Sports Authority store is among 140 nationwide being sold or closed by the chain.

Clearance racks are ranging from 10 to 30-percent off, as part of a Chapter 11 bankruptcy plan. The chain is headquartered in Colorado but is owned by Leonard Green & Partners, a Los Angeles-based private equity firm. They cited $1.1 billion in debt and “failure to keep up with consumer trends.”

The closures make up nearly a third of their locations with California, Texas and Florida hardest hit. Some 19 affected stores are in California.

Employees at the SLO shop said there would be about three weeks left on the location’s lifespan. Ironically, there were still signs posted in store windows advertising for temporary 6-week positions as of Easter weekend.

The store is in the Madonna Plaza Shopping Center between Best Buy and Kohl’s department store. The store moved to that location from a well-known spot in Downtown SLO in 2012 after the former tenant Borders Books in the Madonna Road center, also went bankruptcy and closed the SLO branch. – Camas Frank