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March 24th, 2009

NSSF Launches Scholastic Steel Challenge with $50K Grant

The National Shooting Sports Foundation (NSSF), in partnership with the United States Practical Shooting Association (USPSA) has launched a new pistol-shooting discipline for high school and collegiate shooters — the Scholastic Steel Challenge (SSC). The Scholastic Steel Challenge program is being modeled after the highly successful NSSF-developed Scholastic Clay Target Program. The NSSF will help launch this new discipline with a $50,000 grant to the SSC, administered under the USPSA.

Steel Challenge JessieSSC Format Based on Steel Challenge
The SSC competition format is based on the Steel Challenge, a popular action pistol competition that attracts some of the world’s best shooters. The scholastic version has been designed so it can be enjoyed by both novices and experienced shooters. Competitors will engage targets from a low-ready position and not from holsters as is done in the Steel Challenge.

SSC Will Have Two Divisions: Junior (Age 14-16) and Senior (Age 17-20)
SSC is open to all eligible youth shooters. There is a Junior Division for 14 to 16-year-olds and a Senior Division for 17 to 20-year-olds. Scores and rankings will be posted online, and championships will be awarded in both divisions.

“We thank the NSSF for its support and for providing an outstanding model for our Scholastic Steel Challenge program,” said Scott Moore, director of SSC. “Our goal is to introduce the thrill and action of shooting steel targets to the youth of America through a program that is grounded in safe gun handling principles.”

“Developing new target shooters through programs that teach safe and responsible handling of firearms is a priority of the National Shooting Sports Foundation, and we’re proud to help a program get off the ground that holds so much potential for introducing new shooters to a lifetime sport,” said Steve Sanetti, NSSF President.

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March 24th, 2009

Sportsman's Warehouse Files for Chapter 11 Bankruptcy

The Sportsman’s Warehouse chain of outdoor stores filed for Chapter 11 bankruptcy this past weekend. In papers filed with the U.S. Bankruptcy Court in Wilmington, Delaware, Sportman’s Warehouse declared assets of $436.3 million versus outstanding debt of $452.3 million. Under Chapter 11, a company is protected from creditor lawsuits while it works out a plan to repay its debts during reorganization.

Sportsman's Warehouse

Sportsman’s Warehouse currently operates 29 stores, including four stores in its home state of Utah. “Sportsman’s Warehouse is another retailer victim of the worldwide global recession,” Rourk Kemp, the company’s chief financial officer (CFO), stated in Bankruptcy Court papers. Last year, Sportsman’s Warehouse announced a deal to sell 80% of its operations to a Canadian agricultural cooperative. However, that deal basically fell through, precipitating this Chapter 11 filing.

Stores to Remain Open During Reorganization
Sportsman’s Warehouse does not plan to liquidate or go out of business entirely. According to CFO Kemp, Sportsman’s Warehouse intends to continue its normal business. It will keep its remaining 29 stores open, having already closed 23 stores and sold 15 others. It will also continue to pay employees’ wages and benefits and honor customer service policies, such as returns, exchanges, credits and gift-cards.

New Financing Source
To help pay the bills during reorganization, Sportsmans’ Warehouse announced it has secured, from G.E. Capital Corp., $85 million in financing. These funds will be available to the company while it is under the Chapter 11 protection.

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