One of the nation’s largest sporting goods retailers is struggling stay afloat.

Sports Authority, with more than 450 stores in 45 states, missed its Jan. 15 payment on $21 million in loans and is trying to restructure its debt before going into default.

According to reports from the Wall Street Journal and Bloomberg, the Englewood, CO-based company laid off 100 mostly corporate employees this week, and it is in talks with lenders to reorganize under Chapter 11 bankruptcy proceedings. The potential restructuring would entail the closing of as many as 200 of its more than 450 stores in reorganization, sources said.

At the same time, the retailer is also working on a deal with bondholders to avoid the filing.

Sports Authority ranked No. 6 on the 2015 SGB Retail Top 100 list with $3.4 billion in annual 2014 sales. It’s faced pressure from rising star Academy Sports + Outdoors (No. 4 on the list) as well as pressure from more department and mass stores hopping on the athleisure bandwagon and diluting sales.

Representatives for Sports Authority have declined to comment, beyond confirming last month that they would miss the interest payment.

The company was taken private in a $1.3 billion management-led buyout by Leonard Green & Partners LP 10 years ago.