Fargo's Sportsman's Warehouse to be sold to Canadian company, 23 other stores to close
FARGO - Sportsman's Warehouse plans to close 23 stores and sell 15 others, including the store in Fargo.
The news, posted on the company's Web site, says the moves are aimed at improving its financial standing.
Several stores in the region are among those that are closing. Minnesota stores affected include St. Cloud, Woodbury and Coon Rapids. The Sioux Falls, S.D., store also is closing.
Fifteen stores are being sold to UFA Cooperated Limited, which is based in Alberta, Canada.
In November, Sportsman's Warehouse announced UFA was "poised to acquire a majority interest in Sportsman's Warehouse."
Sportsman's Warehouse is a privately-owned outdoor outfitter with annual revenue topping $800 million and 67 stores in 29 American states. The acquisition aligns with UFA's strategy to diversify beyond its traditional businesses, according to a news release on the Sportsman's Warehouse Web site dated Nov. 26, 2008.
Further, the release said UFA is Canada's largest re-seller of diesel products. The cooperative has more than 120,000 active members and generates more than $1.8 billion in annual revenues.