Sportsman's Warehouse Inc., the Midvale-based retailer that bills its stores as a one-stop supplier of equipment and apparel for fishing, camping, hunting and other outdoor activities, has filed for Chapter 11 reorganization under the U.S. Bankruptcy Code.

The company, which now operates 29 stores including four in Utah, reported in documents filed with the U.S. Bankruptcy Court in Wilmington, Del., that as of Dec. 31, 2008, it had assets of $436.3 million and debt of $452.3 million.

"Sportsman's Warehouse is another retailer victim of the worldwide global recession," Rourk Kemp, the company's chief financial officer, said in the court papers.

Under Chapter 11, a company is protected from creditor lawsuits while its works out a plan to repay its debts.

Sportsman's reported that it owes $34.2 million to its 30 largest unsecured creditors, or those whose claims aren't backed by company assets.

In November, the company announced a Canadian cooperative was offering to buy 80 percent of Sportsman's Warehouse. The deal, however, fell through. As a result, Sportsman's earlier this month said it was closing 23 stores in 17 states, had sold off 15 others and was laying off 2,000 people, including 150 in Utah.

At that time, Sportsman's Chairman Stuard Utgaard said the store closures and sales would reduce company debt by more than $100 million. And he expressed hope those steps would allow Sportsman's to "go forward as a viable entity" with 2,300 employees at 29 remaining stores.

In a statement announcing the Chapter 11 filing, Kemp said that Sportsman's will continue its normal business.

The company said it will keep its 29 stores open, continue to pay employees' wages and benefits and honor customer service policies, such as returns, exchanges, credits and gift-card programs.

Kemp also said that Sportsman's has secured a commitment for $85 million in financing from GE Capital Corp. that will be available to it while it is under the protection of the bankruptcy court.

"The company has taken this action after determining that a Chapter 11 reorganization is in the best long-term interest of the company, its employees, customers, creditors, business partners and other stakeholders," he said.

Bloomberg News contributed to this story.