Sportsman's Warehouse in bankruptcy

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.

The case is Sportsman's Warehouse Inc., 09-10990, U.S. Bankruptcy Court, District of Delaware (Wilmington).