More Gloom and Doom for Sportsman's Warehouse

Monday, March 23, 2009 - by Richard Simms

Sportsman's Warehouse has declared Chapter 11 bankruptcy.

The Sportsman's Warehouse at Hwy. 153 and Lee Hwy. is a favorite among many area hunters and fishermen. Sources tell Chattanoogan.com Outdoors that the Chattanooga Sportsman's Warehouse is the 4th most profitable store in the nationwide chain.

Chapter 11 bankruptcy is seeking legal protection from creditors during a reorganization or restructuring of finances.... versus Chapter 7 which is complete liquidation of assets.

Today's announcement comes on the heels of a previous announcement of a failed buyout two weeks ago. They did announce the closure of 23 stores and sold another 15 stores across the country at that time.

Sportsman's Warhouse is based in Utah. Stuart Utgaard, Sportsman's Warehouse chairman and CEO, told Utah's Deseret News that he hopes to have a reorganization plan approved by the court and move out of bankruptcy protection within the time allowed. Tentatively, the plan would call for continuing to operate 29 stores and retaining about 2,500 employees while reducing outstanding debt and repaying creditors. In its filing, according to a Bloomberg News report, the company declared combined assets of $436.3 million and total outstanding debt of $452.2 million as of Dec. 31, 2008.

However Utgaard also reportedly said that since sweeping federal bankruptcy law changes in 2005, no retailer the size of Sportsman's Warehouse has successfully emerged from the process.


Blitz At Black Rock Mountain Will Boost Understanding Of Bats

The night life around Black Rock Mountain State Park will keep researchers from across the state busy Sept. 4-7. It is all part of the Georgia Bat Working Group’s first Bat Blitz. The event based at the park in northeast Georgia’s Rabun County is focused on better understanding the area’s bat communities. But there is an even bigger picture. Organizer Trina Morris ... (click for more)

Drones Banned From Appalachian Trail

The National Park Service has developed an interim policy prohibiting the use of unmanned aircraft on NPS managed lands of the Appalachian National Scenic Trail. This is a new park use that could affect park resources, staff, and visitors in ways that the National Park Service has yet to identify, analyze and examine. It is the National Park Service policy to not allow a new park ... (click for more)

Boy, 16, To Face Murder Charges In Criminal Court On Triple Lookout Valley Slayings

A Lookout Valley youth who was 15 at the time of his alleged involvement in a massacre in the valley will stand trial as an adult. Jacob Allison, who is now 16, was taken by the sheriff's office to the Hamilton County Jail after a transfer hearing in Juvenile Court on Friday morning. Juvenile Court Judge Rob Philyaw said under state law he has jurisdiction over rehabilitation ... (click for more)

Justin Wilkins Selected As Deputy Chief Of Staff For Mayor Berke

Native Chattanoogan Justin Wilkins will serve as Mayor Andy Berke's deputy chief of staff, it was announced Friday. Mr. Wilkins has spent the last several years serving as the Tennessee state director for multiple advocacy and electoral organizations, including Organizing for America and Organizing for Action. Prior to that, he worked as project manager at Profit Plans LLC ... (click for more)

Black Creek TIF Decision-Who Guards The Hen House? - And Response

Citizens of Chattanooga were invited to give public comment before their own Industrial Development Board Aug. 15. They arrived to find foxes guarding their hen house.  Many thought the meeting was their opportunity to seek redress in the ill-conceived Black Creek Tax Increment Financing plan. However, they learned it was a sham orchestrated by both the past and present ... (click for more)

Roy Exum: Let’s ‘Pay It Forward’

At 7 a.m. on Wednesday morning, this at a Starbucks coffee store located at 2186 Tyrone Blvd. in St. Petersburg, Fla.,  an unidentified woman who was first in line at the drive-through window, politely told the drive-through window clerk she would like to “pay it forward.” The clerk checked the next order – it was a caramel macchiato – and the first customer paid for both her ... (click for more)