Another day, another massive American retailer to find itself in uncomfortably hot water.

Sports Authority, the nationwide purveyor of everything from running shoes to hunting rifles, announced on Wednesday that it has filed for Chapter 11 bankruptcy protection. Over the next three months, the chain will lay off 3,400 of its 14,500 employees, close 140 of its 450 stores, and shut down two distribution centers.

While it's certainly not the only big retailer to face this kind of distress in recent memory, what is notable is that its demise comes at a time when other sporting goods retailers have been doing really, really well. REI's spot-on mix of products draws mountain-climbing enthusiasts and guys who just want really cool boots in equal measure, and Dick's Sporting Goods has skillfully engaged with the increasing number of consumers on the hunt for great-looking athleisure. (It's name might not sound like it, but Dick's actually offers a pretty luxe shopping experience: right now, abut 75 of its stores carry Ralph Lauren's tony Polo Sport line.)

Things didn't always look this grim for Sports Authority. Not long ago, it was the biggest chain of sporting goods stores selling, well, anything—helped along partly by a battalion of employees who put a premium on good service. And even if the business is struggling, that part of its approach hasn't changed. On Wednesday, CEO Michael Foss wrote an open letter to assure customers that despite the company's restructuring, their warrantees (and their gift card balances) are still intact.

If the reorganization doesn't work, WWD reports that Dick's or Modell's might buy part of all of Sports Authority, which would save it from closing entirely. Here's to hoping that this story will have a happy ending instead of a sad one.