Author Topic: Sportsman's Warehouse Closing 23 stores (Read 1868 times)

quickdtoo · « **on:** March 10, 2009, 08:41:03 AM »

The Canadian buyer is buying only 15 stores and changing the name, 23 other stores will close....so far. $:-\$

Tim

http://www.kpvi.com/Global/story.asp?S=9974818

Video with more details

Reporter: Aaron Kunz
Sportsman's Warehouse to Close 23 Stores

Posted: March 9, 2009 03:15 PM

Newschannel 6 has learned this evening that Sportsman's Warehouse may be closing its Pocatello store, along with 22 other stores nationwide in the near future. Sources close to the retail chain say there have been several meetings Monday with the corporate office that have laid out the details of the possible closures.

We have also learned the retail chain is hoping to attract one or more investors in the next 48 hours that could contribute sufficient funds to keep 11 stores up and running, including the one in Pocatello; however, we do not have any idea how big that investment would have to be.

We have also learned that the Pocatello store would be one of five that would re-open in the future if possible.

To recap, according to sources close to Sportsman's Warehouse, there have been several meetings with the corporate office Monday discussing the potential closure.

Idaho Falls and Twin Falls stores will remain open.

Sources have also confirmed for us that 29 stores will remain open under the Sportsman's Warehouse name while 15 other stores will be purchased by a Canadian company called UFA. Those store will continue to operate but under a new name.

Obviously, there is still a lot of information we don't know yet. We will continue to look into this and report any changes as we get them.

brennemanj83 · « **Reply #1 on:** March 10, 2009, 08:53:01 AM »

Yep and my local Sportsmans Warehouse is one of em that is closing.

Sad part is it has only been open for a year and a half.

quickdtoo · « **Reply #2 on:** March 10, 2009, 08:57:17 AM »

Ours has only been open for a couple years too, but I just called, they haven't heard yet, there's another store 20 miles away that may still have a chance.

Tim

Skyman · « **Reply #3 on:** March 10, 2009, 09:13:55 AM »

The one here in Fairbanks has only been open a couple of years. But it is the only thing like it in 400 miles. (Anchorage) Was in there last week with Dad, he committed on how the shelves were not being restocked like before Christmas. Many are bare, and have been for some time. No brass, few bullets and primers. Ammo low also. Good supply of guns, except semi-autos. Everything else seemed to be there and in stock.

OR-E-Gun Bill · « **Reply #4 on:** March 10, 2009, 09:22:55 AM »

Here's a list of stores that will be remaining that I saw on another forum out here in the NW.
It's not official but...
107 – Spokane, WA.
109 – Salem, OR.
110 – Kennewick, WA.
115 – Missoula, MT.
116 – Portland, OR.
124 – Silverdale, WA.
127 – Fargo, ND.
144 – Bozeman, MT.
146 – Bend, OR.
150 – Federal Way, WA.
153 – Lacey, WA.
160 – Vancouver, WA.
161 – Burlington, WA.
164 – Coeur d’Alene, ID.
167 – Helena, MT.

And with Joe's (GI Joes) seemingly going down the tubes right now, it's not a pretty sight for sure.

Bill

Questor · « **Reply #5 on:** March 10, 2009, 09:43:12 AM »

It's sad when a business closes. But this was easy to see coming. Gander Mountain, Dicks, and Sportsmans Warehouse are way overbuilt in my area, much to their detriment. It was better before all these companies went wild with building. Our selection of gear made a lot more sense for the Minnesota fisherman and hunter. Those chains do not appear to take local needs into account, at least not as much as a store that is built from the ground up and conceived to serve Minnesotans.

nomosendero · « **Reply #6 on:** March 10, 2009, 01:01:26 PM »

I was in the Memphis store last week & they said some Canadian outfit bought them.

quickdtoo · « **Reply #7 on:** March 10, 2009, 01:48:06 PM »

SW has the list of stores to be closed(liquidated) and those sold on their website now, looks like both of my stores will have a new name.

Tim

http://www.sportsmanswarehouse.com/company.cfm

March 10, 2009

Stuart Utgaard, the Chairman and CEO of Sportsman's Warehouse Holdings, today announced that the company is taking two major actions to improve liquidity.

1. 23 stores are being liquidated to reduce bank debt.

• Aurora, CO
• Coon Rapids, MN
• DePere, WI
• Henderson, NV
• Lafayette, IN
• Las Cruces, NM
• Las Vegas, NV
• Legacy, TX
• Memphis, TN
• Nampa, ID
• New Berlin, WI
• Oklahoma City, OK
• Pittsburgh, PA
• Pocatello, ID
• Roanoke, VA
• Rogers, AR
• Round Rock, TX
• St. Cloud, MN
• Sioux Falls, SD
• Southaven, MS
• Visalia, CA
• Wichita, KS
• Woodbury, MN

2. 15 stores are being sold to UFA Co-op.

• Bend, OR
• Bozeman, MT
• Burlington, WA
• Coeur d’Alene, ID
• Fargo, ND
• Federal Way, WA
• Helena, MT
• Kennewick, WA
• Lacey, WA
• Missoula, MT
• Portland, OR
• Salem, OR
• Silverdale, WA
• Spokane, WA
• Vancouver, WA

It is hoped that these actions will enable the firm to go forward as a viable entity with approximately 2,300 employees. Sportsman's Warehouse is a leading outdoor retailer of sporting goods headquartered in Midvale, Utah.

quickdtoo · « **Reply #8 on:** March 10, 2009, 01:50:53 PM »

The new owner of the 15 stores. http://www.ufa.com/

Tim

mauser98us · « **Reply #9 on:** March 10, 2009, 06:13:11 PM »

They closed mine in Goodyear Arizona last August,went to the one in Phoenix 3 weeks ago and they had exactly 15 boxes of bullets on the shelves and virtually no powder

Questor · « **Reply #10 on:** March 11, 2009, 01:28:29 AM »

I'm actually delighted by this because it makes the business environment better for the two gun shops in my area that specialize in reloading supplies.

bilmac · « **Reply #11 on:** March 11, 2009, 02:53:00 AM »

Damm. You would think that all the shooting stuff flying off the shelves immediately after the election would have forestalled some of this.

Questor · « **Reply #12 on:** March 11, 2009, 04:34:35 AM »

This may presage the closing of many other big box stores. There was a prediction in one of the financial papers about this, and one of the interesting stats in the article was that there could be a 30% drop in big box stores with no effect on the consumer in terms of reduced selection or buying opportunity.

Glanceblamm · « **Reply #13 on:** March 11, 2009, 04:47:24 AM »

Quote from: Questor on March 11, 2009, 04:34:35 AM

This may presage the closing of many other big box stores. There was a prediction in one of the financial papers about this, and one of the interesting stats in the article was that there could be a 30% drop in big box stores with no effect on the consumer in terms of reduced selection or buying opportunity.

This is already happening in my area as Circuit City recently shut down two big stores within a 60mile radious of my house. I had never been in a Sportsman's Warehouse as there are none close to me but am sad to hear it.

hunt-m-up · « **Reply #14 on:** March 11, 2009, 07:43:35 AM »

Quote from: Questor on March 11, 2009, 04:34:35 AM

This may presage the closing of many other big box stores. There was a prediction in one of the financial papers about this, and one of the interesting stats in the article was that there could be a 30% drop in big box stores with no effect on the consumer in terms of reduced selection or buying opportunity.

When times were good they were dropping these stores in markets with insufficient research about their actual future viability. Now that the "new" appeal has worn off they are cutting and running, or in some cases riding them right into the ground. Maybe some actual emphasis on customer service will come of this and the smaller shops will benefit.

Siskiyou · « **Reply #15 on:** March 11, 2009, 08:52:42 AM »

Quote from: Questor on March 11, 2009, 01:28:29 AM

I'm actually delighted by this because it makes the business environment better for the two gun shops in my area that specialize in reloading supplies.

After running around the other day and seeing two owner-operated shops with supplies on the shelve I think you might be right. Prices were high but they had the supplies. I believe the reason they are in business is they pay cash up front for their stock. They are low risk for their suppliers. The suppliers are not holding back on them. I rather suspect that suppliers are holding back on Sportsman’s Warehouse because of the bankruptcy risk.

I went into two moderate size sporting goods stores. One recently moved out of a hostile city to a more sporting goods friendly city. He moved into a lot of square feet. It looks like he does not have the financing to stock all his space. Hopefully he makes it. The second moderate store I went into has a good customer base. Reloading supplies were short, but I think he will make it. The store has not advertised in weeks, I am sure this is a cost cutting measure.

On line retailer’s prices have increased and are facing shortages in some areas. Their prices have increased. There has also been a big jump in postage and handling. It seems like postage and handling is adding 30% to the cost on an item. I order items I cannot buy locally from the local shops on line, after determining the cost breakdown. Sales tax and local dealer price normally exceeds online cost.

With the current economic situation the retailer that pays cash even for small orders is first in the food chain. A two thousand dollar cash transaction is worth more then a ten thousand dollar credit transaction with a business that appears to be sinking.

It has to be a tough time for the manufactures of bullets, powders, and primers. Wartime production is impacting civilian products. Machines that would be producing civilian products are filling military contracts. Do they want to invest in additional manufacturing capacity? A tough question! Has the buying spree put large stocks of supplies in the hands of the consumer? Will that consumer return in a year, or does he have a lifetime supply? Will the military contracts go away in the next couple of years idling manufacturing equipment and space?

Can manufacturers obtain credit for raw material, equipment, and space in today’s economy?

Questor · « **Reply #16 on:** March 11, 2009, 09:27:53 AM »

The two reloading specialties guys in my area have always had lower prices, or at least competitive prices. Gunstop in Minnetonka, MN and Wolfs Den in Hugo, MN. They're great guys.

bilmac · « **Reply #17 on:** March 11, 2009, 11:52:25 AM »

Thanks Siski, What a wealth of knowledge we have at our fingertips here

hunt-m-up · « **Reply #18 on:** March 11, 2009, 01:12:52 PM »

Questor, you probably remember the Knox Lumberyards in the cities. I worked for a Knox vendor when we put them on COD, and not too long after they were gone. When a Big Box goes COD it's all over but the shouting in most instances. They can't turn the inventory fast enough to keep up. I had one customer we put on COD, fax a copy of two hundred dollar bills to our CS dept...I was told to collect on that wiseguy in person.
Siskiyou, it seems like many items are no longer stocked at the online stores, a lot of backorders or items shipped direct. Do you think that's a combination of cash shortages all the way around? at the Manf. level and the retailer?
I agree that the little guy who can "show them the money" will do well, as will the consumer that has money to spend.

quickdtoo · « **Reply #19 on:** March 15, 2009, 07:15:46 AM »

Just a heads up, if your store is one of those sold to UFA, today is the last day that you can use a Sportsman's Warehouse gift card. $:-\$

Tim

Badnews Bob · « **Reply #20 on:** March 15, 2009, 07:20:48 AM »

Looks like the one in Lex Ky gets to stay I hope they will restock the shelves now.

Mohawk · « **Reply #21 on:** March 15, 2009, 08:08:22 AM »

I have been to the one in Round Rock, TX several times, and to be honest, their selection was horrible. Cabela's down the road had them beat by a long shot.

nomosendero · « **Reply #22 on:** March 15, 2009, 08:46:58 AM »

I stopped by the Southaven, MS. store on the way home Friday afternoon. No great deals really, left empty
handed.

quickdtoo · « **Reply #23 on:** March 15, 2009, 10:43:48 AM »

I talked to a clerk at our store, she doesn't know the new store name yet, but she did know they have a big order coming in 3 weeks, lots of new products included, and there's no jobs being lost, in fact they're hiring!! Spent my gift card too, so that was a relief!!

Tim

mauser98us · « **Reply #24 on:** March 15, 2009, 11:38:58 AM »

Been to Gunstop in Minnetonka when I was working up there. Reminds me of the shops we used to have in Arizona.

dpe.ahoy · « **Reply #25 on:** March 15, 2009, 01:39:59 PM »

The one here in Billings MT is going to stay for the time being. Cabela's is set to open soon, have a son that was just hired and starts this week getting the store cleaned and set. Sportsmans was always higher that Shipton's Big R or Scheels which are big gun/reloading sellers here as well as 2 Wal-Marts here and another 10 mi. West. Right now Scheels has the most stock with Shipton's a close second. Sportsman's has almost nothing and Big Bear is out of most things to reload with as well. 500 rounds of 22LR used to be less than $9.00 last spring, now if you can find it, the same box is $14.00 or more. DP

quickdtoo · « **Reply #26 on:** March 22, 2009, 05:57:05 AM »

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.

Badnews Bob · « **Reply #27 on:** March 22, 2009, 08:05:58 AM »

Talking with employees of the LEX KY store, They have been told to expect restocking of the shelves in sixty days and expect to remain open well after this is open.

quickdtoo · « **Reply #28 on:** March 22, 2009, 08:55:58 AM »

I doubt they'll be restocking with any products from the creditors they owe $34.2M to.

Tim

http://deseretnews.com/article/1,5143,705292485,00.html

Sportsman's Warehouse in bankruptcy

By Dawn McCarty

Bloomberg News
Published: Sunday, March 22, 2009 10:38 a.m. MDT

Sportsman's Warehouse Inc., an operator of retail sporting-goods stores, sought bankruptcy protection from its creditors citing the economy for its action.

The company said it had combined assets with a book value of $436.3 million and combined debt of $452.2 million as of Dec. 31 in Chapter 11 documents filed early today in U.S. Bankruptcy Court in Wilmington, Delaware.

"Sportsman's Warehouse is another retailer victim of the worldwide global recession," Rourk Kemp, chief executive officer, said in court papers.

The Midvale, Utah-based stores serves as a "one-stop supplier" of equipment, apparel and footwear related to fishing, camping, hunting and other outdoor activities.

The company recently sold 15 stores and is in the process of closing 23 others. It operates 29 stores in the U.S.

The company and its affiliates' 30 largest creditors without collateral backing their claims are owed about $34.2 million, according to court documents. The three biggest unsecured creditors are Federal Cartridge Co./Atk, owed $6.4 million; Browning Safes and Acc and Browning Arms, owed $3.2 million; and Olin Corp. Winchester, owed $2.4 million.

GRIMJIM · « **Reply #29 on:** March 22, 2009, 09:08:27 AM »

I didn't even know they had actual stores. I've been buying on-line or by catalog foryears.

Will they still honor the frequent buyers club?