PORTLAND - Joe's Sports & Outdoor, with 30 outlets in the Pacific Northwest, has filed for Chapter 11 bankruptcy protection, the company announced Wednesday.
The Wilsonville-based company, formerly G.I. Joe's, said it would operate all of its stores and continue paying wages and benefits during the process.
"This restructuring process will allow us time to address our capital challenges so that we can potentially emerge an even stronger company with a firm financial position," said Hal Smith, CEO and president.
Joe's obtained $50 million from Wells Fargo Retail Finance to fund the restructuring, subject to court approval. The bankruptcy filing was made in the U.S. Bankruptcy Court in Wilmington, Del.
The chain was purchased by the private equity firm Gryphon Investors of San Francisco in 2007. The decision to file for bankruptcy follows a strategic review announced by the company last month during which it temporarily laid off warehouse workers.