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.


Ivy Academy Hosts Save Georgia’s Hemlocks For Free Hemlock Help Clinic

Ivy Academy will host Save Georgia’s Hemlocks’ Donna Shearer for a free Hemlock Help Clinic on Sunday from 1 to 2:30 p.m.  Anyone interested in the community is welcome to attend. You will gain information about the invasive insect that’s killing our hemlocks, what can be done to save these valuable trees, and why it’s urgent to take action now.  You’ll learn how ... (click for more)

TDEC Announces Lifting Of Little Pigeon River Water Contact Advisory

Tennessee Department of Environment and Conservation Commissioner Bob Martineau announces the lifting of a water contact advisory of the Little Pigeon River, downstream of Sevierville in Sevier County. Water contact advisories have also been lifted for several small tributaries to the West Prong of the Little Pigeon, including Gnatty Branch, Baskins Creek, King Branch, Roaring ... (click for more)

Berke Names Fred Fletcher, Of Austin, Tex., New Chattanooga Police Chief

Mayor Andy Berke announced Thursday that Fred Fletcher of Austin, Tex., is his pick for Chattanooga Chief of Police. With 20 years of experience in law enforcement, Mr. Fletcher has served in an executive, command, or supervisory role for 12 years.  As commander in Region III of the Austin Police Department, Mr. Fletcher spearheaded community initiatives including a drug market ... (click for more)

Child, 23 Months, Found Dead In Crib With Fentanyl Patch On Back; Death Ruled Homicide

A 23-month-old Chattanooga boy has been found dead in his crib with a Fentanyl patch on his back. The death of Demarcus Bryant at 7655 Borris Dr. last month was ruled a homicide. An autopsy report says he died from "Fentanyl patch placed by someone else." Chattanooga Police are investigating. No one has yet been charged. The child was found face down in his crib. ... (click for more)

A Slap In The Face To Local Police Applicants

Little Andy has once again shown what he thinks about the Chattanooga Police Department by ignoring all the applicants from within the department. There were several great candidates within the police department that had as much experience as the chosen one from 1,000 miles away. This is a slap in the face for any officer who is at the Chattanooga Police Department who has aspirations ... (click for more)

Roy Exum: UAW Voices In Detroit

Today we are going to eavesdrop on somewhat of an open conversation that was held far to the north after the United Auto Workers surprisingly dropped a legal challenge with the National Labor Relations Board in Chattanooga the first thing on Monday morning. The NLRB judge certified the VW workers’ February vote to turn away the UAW at Chattanooga’s Volkswagen manufacturing plant ... (click for more)