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Thread: Sportsman Warehouse Files bankruptcy

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    Default Sportsman Warehouse Files bankruptcy

    And yesterday they were telling folks they were doing great
    Sportsman's Warehouse files for bankruptcy

    Sat Mar 21, 2009 9:19am EDT
    NEW YORK, March 21 (Reuters) - Sportsman's Warehouse, a Utah-based sporting goods retailer, on Saturday filed for Chapter 11 bankruptcy protection citing a liquidity crisis triggered by declining sales and the global economic slowdown.
    The company, which sells goods relating to fishing, hunting, camping and other outdoor activities, said it intends to operate 29 stores as a going concern, after already announcing plans to close 23 stores, and sell another 15.
    It listed assets of $436.4 million and liabilities of $452.1 million, according to court papers.
    The company is 25 percent owned by an affiliate of Seidler Equity Partners, according to court papers. The company said it has about 3,245 employees.
    The case is In re: Sportsman's Warehouse Inc., U.S. Bankruptcy Court, District of Delaware, No. 09-10990.

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    Quote Originally Posted by Wildalaska View Post
    And yesterday they were telling folks they were doing great
    Sportsman's Warehouse files for bankruptcy

    Sat Mar 21, 2009 9:19am EDT
    NEW YORK, March 21 (Reuters) - Sportsman's Warehouse, a Utah-based sporting goods retailer, on Saturday filed for Chapter 11 bankruptcy protection citing a liquidity crisis triggered by declining sales and the global economic slowdown.
    The company, which sells goods relating to fishing, hunting, camping and other outdoor activities, said it intends to operate 29 stores as a going concern, after already announcing plans to close 23 stores, and sell another 15.
    It listed assets of $436.4 million and liabilities of $452.1 million, according to court papers.
    The company is 25 percent owned by an affiliate of Seidler Equity Partners, according to court papers. The company said it has about 3,245 employees.
    The case is In re: Sportsman's Warehouse Inc., U.S. Bankruptcy Court, District of Delaware, No. 09-10990.
    I assume that the Alaska store will remain open?

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    what are they goona stock with?

    They are cut off by Leupold, Swarovski, Benelli, Browning, Big Rock to name a few.....

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    Since the feds are passing out money they may as well throw some at SW with a mandate that they keep guns, ammo and reloading supplies in stock. That's what I'd call a stimulus package

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    Default Thanks, and ***?

    Thanks for sharing the news, WildAlaska. Even though the news is bad, keeping up to date is good.

    Quote Originally Posted by windswept View Post
    I assume that the Alaska store will remain open?
    Isn't that a little short-sighted? Just because we are not affected (yet) doesn't mean we shouldn't be concerned or figure out how to help.

    Quote Originally Posted by Snyd View Post
    Since the feds are passing out money they may as well throw some at SW with a mandate that they keep guns, ammo and reloading supplies in stock. That's what I'd call a stimulus package
    Snyd, good idea. Not going to happen, but there are lots of good ideas that will not happen in the next 4 years.

    Lost Sheep.

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    Quote Originally Posted by Lost Sheep View Post


    Isn't that a little short-sighted? Just because we are not affected (yet) doesn't mean we shouldn't be concerned or figure out how to help.

    LOL, you people kill me. How did you get that I am not concerned because I asked if the Alaska stores plan to stay open?? I would love to hear your ideas on how to help. Please enlighten me

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    Thumbs down

    Thatís as good a use for bailout money as anything that has been done so far.

    However, it comes to mind that we are giving help to proven poorly run companies like SW and undermining the other well run companies and Ma & Pa outfits. How is that fair to a business that did all the right things to scrape by and we reward their crooked competitors and undermine their honest efforts??

    I say if they are going to go under so be it, and if we need to spend tax money as a bailout give it to viable businesses, new small business, and helping those that lose their jobs in the mess. Bring back manufacturing from the 3rd world for the new small businesses and the honest ones that are still here. Thatís how we fix this mess, itís the only way we can fix it, but I doubt anything like this will ever happen.

    Andy

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    Default Apologies

    Quote Originally Posted by ; windswept
    Quote Originally Posted by ; Lost Sheep

    Isn't that a little short-sighted? Just because we are not affected (yet) doesn't mean we shouldn't be concerned or figure out how to help.
    LOL, you people kill me. How did you get that I am not concerned because I asked if the Alaska stores plan to stay open?? I would love to hear your ideas on how to help. Please enlighten me
    I apologize, Windswept. I jumped to the conclusion about your post that you were being provincial. Please accept my apology.

    ADFields and you make a good point as well, for which I do not have an answer
    Quote Originally Posted by ;ADFields
    However, it comes to mind that we are giving help to proven poorly run companies like SW and undermining the other well run companies and Ma & Pa outfits. How is that fair to a business that did all the right things to scrape by and we reward their crooked competitors and undermine their honest efforts??
    Any time a government program tries to fix a problem, there will be some spots of uneven coverage and unfairness for numerous reasons. One reason is that "one size fits all" does not fit.

    I don't know anything about Sportsmen's Warehouse's troubles, so have no ideas of what help would be appropriate (from us as customers or the government in any kind of bailout scheme). I just hate to see any business in trouble which is or might be a friend to the Second Amendment.

    It's late, and I should edit my posts better.

    Lost Sheep

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    Quote Originally Posted by Lost Sheep View Post
    I just hate to see any business in trouble which is or might be a friend to the Second Amendment.

    Lost Sheep
    I agree completely and the fact that good hard working people work there that are also likely friends of the Second Amendment adds to my sympathy.

    I don't blame business for the mess we are in and I sure don't blame the workers. I blame the unfair trade practices of our government like Clintonís NAFTA that has our workers competing for work with no minimum bid agents the 3rd world sweat shops. Government opens the border and a business has no choice but to move to China and pay 100 hard working people less than they pay one in the US. The ones that try to stay just get undercut out of business by the ones that will go and take full advantage of the slave like labor. What can it be called but slave labor; they get five bucks a day and must pay $4.95 for food and rent then spend the nickel for clothing and health care. All so we can buy cheap underwear that wonít last so we got to go back next month to get more.

    Sorry, off the soap box . . . next?

    Andy

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    Default

    anyway, without commenting on some of the simplistic views on economics I see being posted, SW failed because it was mismanaged IMHO.

    They are in the hook to Federal, Olin, Browning for well over $9 mil IIRC from my reading, plus a mil to Leupold, plus a mil to Sports South and a mil to Accusport. That means they will never get a single item from any of these folks again., that further means that there is a good chance that some or all of these creditors will force a Chapter 7, because quite frankly, I dont SW ass being a viable company anymore, and thats the only way they will get their money

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    It's a shame. SW is/was one of a few places that you could go and buy a gun, ammo, or reloading components without getting talked down to, being forced to listen to some idiot's opinion, or being outright lied to.

    They have their good and bad employees, but I like what they tried to do. It's a shame that they didn't have the business sense to go along with their vision.

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    Default maybe

    Many times suppliers that are owed money like Federal, Olin, Browning etc. will still supply items but on a cash only - no credit - basis. People that are owed money would indeed like to see SW succeed in the hopes of eventually recovering part of their losses.

    I would guess that SW just expanded way too fast and let their ambitions get way ahead of their financies. It happens all the time!


    Quote Originally Posted by Wildalaska View Post
    anyway, without commenting on some of the simplistic views on economics I see being posted, SW failed because it was mismanaged IMHO.

    They are in the hook to Federal, Olin, Browning for well over $9 mil IIRC from my reading, plus a mil to Leupold, plus a mil to Sports South and a mil to Accusport. That means they will never get a single item from any of these folks again., that further means that there is a good chance that some or all of these creditors will force a Chapter 7, because quite frankly, I dont SW ass being a viable company anymore, and thats the only way they will get their money
    Living the urban lifestyle so I can pay my way and for my family's needs, and support my country. And you?
    ".. ask not what your country can do for you, ask what you can do for your country" JFK

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