PE-Backed Sportsman’s Warehouse Goes Bust

NEW YORK (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.

(Reporting by Emily Chasan; Editing by Eric Walsh)