Sportsman's Warehouse Closing 23 stores

[GRIMJIM]

Sorry, I'm thinking of sportsmans guide.

[Sourdough]

Talked to people at our store here in Fairbanks.  They said they will remain open.  One thing I did talk to the manager about, they carry a lot of stuff here that will not sell in Fairbanks.  Stuff for Turkey, Whitetail, and Elk hunting.  None of them creatures in the interior of Alaska.  That stuff will never sell.  Electric trolling motors, again won't sell here since they don't work in our rivers, They are too heavy and awkward to take into remote lakes.  When you get there there is no way to recharge their batteries. 

They are still doing a good business here, since they and Frontier Outfitters are the only suppliers in Fairbanks.  Frontier is maybe one fifth the size of SW.  Otherwise we have to order everything from Cabela's. 

[gypsyman]

I've seen this happen in other business's. Just today, a Bass Pro Shop in our area is cutting hours on part time employee's. They cut all full time employee's hours last December. Kinda figured it would happen. We have a Cabela's store just over the line in Dundee,Mich., a Gander Mtn. store west of Toledo. To many big box store's to try and cut up the ever dwindling number of customers that don't have as much money to spend. Harley dealerships 4 years ago had you on a waiting list for a bike. Now you can walk into any dealership and pick from 60-80 bikes.
And as somebody pointed out, in the firearms industry, smaller shops pay up front. Big store's usually try and do business on a 60 or 90 day basis. The way this economy is going down hill, your going to see the big company's cut back on how long credit will be allowed. Every business will be tightening up on overhead and extended credit. gypsyman

[victorcharlie]

Sportsman's Warehouse filed chapter 11 today.

http://www.sltrib.com/business/ci_11979531

[quickdtoo]

You're too late VC, the cows are already out of the barn!! 

Tim

Now they filed chapter 11 bankruptcy.

Tim

http://www.reuters.com/article/etfNews/idUSN2141506420090321

Sportsman's Warehouse files for bankruptcy

 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.

 

[hunt-m-up]

Talked to people at our store here in Fairbanks.  They said they will remain open.  One thing I did talk to the manager about, they carry a lot of stuff here that will not sell in Fairbanks.  Stuff for Turkey, Whitetail, and Elk hunting.  None of them creatures in the interior of Alaska.  That stuff will never sell.  Electric trolling motors, again won't sell here since they don't work in our rivers, They are too heavy and awkward to take into remote lakes.  When you get there there is no way to recharge their batteries. 

They are still doing a good business here, since they and Frontier Outfitters are the only suppliers in Fairbanks.  Frontier is maybe one fifth the size of SW.  Otherwise we have to order everything from Cabela's. 

No wonder they are having trouble, taking up valuable shelf space with stuff that won't sell and is not relevant to a particular market,not to mention they had to pay to ship it up there?! Kinda defeats the purpose I guess, hiking into a remote lake with a couple of 12 volts and a Minnkota strapped to your back.

[victorcharlie]

Yes sir, I guess I am to late.......a fellows got to get up awfully early in the morning.......