The 129 Boater's World stores in 27 U.S. states are being shuttered. Parent company Ritz Camera Centers Inc. (who knew?) filed for bankruptcy protection last month, and is attempting to raise cash by liquidating the boat stores' inventory. The company will also close 400 of its 800 camera stores.
sports: March 2009 Archives
The credit crisis has impaired Sportsman's Warehouse, a regional outdoor-products retailer in the west. The company is selling 15 of its 67 stores to UFA of Canada, but UFA has not closed the sale. As a result, Sportsman's Warehouse is experiencing a liquidity crisis, and must close 23 of its remaining stores. "We are now a 29-store chain," says CEO Stu Upgaard. The store closings affect a wide swath of states from Idaho to Mississippi.
The economic downturn is hitting local stores especially hard. Saddest among those affected are the decades-old establishments suddenly facing bankruptcy or liquidation. Recent news affects regional chains with long histories:
- Cincinnati: luggage store Bankhardt's is closing. The store is 130 years old and has inhabited the same location since 1935. The business owner sold the building and is moving on. Interestingly, three splinter stores with the same name will continue to operate.
- The 16-store jewelry chain Robbins Brothers filed for bankruptcy after struggling during the recession. Robbins Bros' history dates to the 1920s, in Seattle, before moving to California and ultimately expanding to four states.
- In the Pacific Northwest, Joe's Sports and Outdoor is operating during a restructuring. The 30-store chain is owned by a private equity firm that filed as a strategic move. Joe's first opened in 1952 as a military surplus store.
