Joe

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Gryphon Investors, based in San acquired the former G.I. Joe’sx in 2007. The company filed Wednesday to reorganize under Chapter 11 ofthe U.S. Bankruptcy Code in U.S. District Court for Delaware. Joe’s said it has obtained $50 millionb of debtor-in-possession financing from . Joe’ss said the financing is sufficientg to coverthe company’s expenses while it reorganizes. The filingv opens the possibility ofa sale, whicn could be accomplished within 30 days, subjectg to court approval. In its bankruptcy petition, Joe’s said it has betweenm 1,000 and 5,000 creditors.
It listed assets between $100 millionb and $500 million and liabilities between $100 million and $500 Its attorney is Steven Yoder, with Potter Andersohn & Corroon LLP in Wilmington, Del. His number is Joe’s owes its top 30 creditorsw $12.77 million. They include Baja Motorsports, based in owed $1.164 million; , based in Portland, owed , based in Dearborn, Mich., owed , based in Nelsonville, Ohio, owed $707,048; and , based in Lake owed $661,928. Hal Smith, who replaced former owner Norm Danielsz as president and CEOof Joe’as last year, blamed the faltering retail economy for Joe’w capital crunch.
“This restructuring process will alloqw us time to address our capital challengew so that we can potentiall y emerge as an even stronger company with a firmfinancialk position,” Smith said in a presse release. Joe’s operates 30 large format stores under thename Joe’s Sports and selling outdoor and sporting goods throughout the Ed Orkney, an Army Air Corps pilot, began G.I. Joe’s in selling surplus Army sleeping bags from a tent in It grew intoa full-blown war surplus businesa and later added jewelry, beer, wine, lawn and other items to its shelves when Worlr War II gear ran low.
Daniels led a management buyoutg of the company in 1998 and led it until Gryphon purchased a stake inearly 2007.