Sports Authority Inc. is no longer planning to reorganize the chain.

Company representatives reportedly told a Delaware bankruptcy court judge they have given up any plans to reorganize the business. There are potential buyers for part of the chain, although it wasn’t immediately clear what part of the business they were eyeing.

The Wall Street Journal said the retailer’s attorney, Robert Klyman, told Delaware Bankruptcy Court Judge Mary Walrath that “major” potential bidders were looking at the chain’s assets.

Whether any bids actually will be forthcoming remains to be seen, and there’s still a likelihood liquidators could step in and provide the best offer to liquidate the sports chain.

According to court documents, the retailer has until Thursday to obtain a stalking-horse bid for the main assets of the company. An auction of the main assets is slated for May 16, with additional bidders submitting details of their bids before May 11. The stalking-horse bid typically sets the baseline for bidding, and other bidders who want to bid for the same assets, or any part of it, need to abide by the bid procedures.

Sports Authority filed its voluntary petition for Chapter 11 bankruptcy court protection on March 2. At the time of the filing, the sports chain said it had more than $1 billion in debt.

Dick’s Sporting Goods and Modell’s Sporting Goods were seen as possible buyers for all or part of the chain, although some now believe their interest is more in specific store locations.

The bankrupt chain also has a process for bidding on the leases for the closed store sites. Those sites have already begun going-out-of-business sales.