Corral West parent company files for bankruptcy

By The Associated Press - 11/07/2008

CHEYENNE, Wyo. (AP) — The parent company of Cheyenne-based Corral West Ranchwear has filed for bankruptcy protection for the second time in five years and plans to sell its stores, including nine in Montana.

Dallas-based BTWW Retail filed the bankruptcy papers in Texas on Monday.

The retailer owns and operates more than 100 stores nationwide under the names Corral West, Boot Town, Sergeant's Western World, Western Warehouse and Workwear Depot.

Corral West officials in Cheyenne declined to comment Thursday.

Clear Thinking Group, a national advisory firm, announced Thursday it had been hired to assist in the sale of BTWW's assets. It has set a Nov. 21 bid deadline. A bankruptcy court hearing to approve the proposed sale is set for Nov. 25.

Corral West began in 1951 in Red Lodge, Mont., under the name Red Lodge Trading Post. The stores eventually ranged from Alaska to Georgia and west to California.

In October, Boot Barn Holding Corp. bought 22 BTWW stores in Arizona, California, Nevada and New Mexico. The stores will be renamed Boot Barn after the holidays.

Corral West CEO Larry Hager said slumping sales prompted the stores to be sold.

Corral West operates 72 stores in 15 states: Washington, Oregon, Idaho, Montana, Wyoming, North Dakota, South Dakota, Nebraska, Colorado, Arizona, Nevada, New Mexico, Texas, Oklahoma and Georgia.