Sadly, the scenario is playing out like a lot of retailers we've seen fail over the last year. Chains such as Circuit City, Mervyns, and Linen 'n' Things closed stores nationwide in an attempt to "reorganize." Not too long after, they liquidated and closed everything. Joe's Sporting Goods, a northwest chain, just announced they were closing all of their stores (including a store in Meridian).
Right after Sportsman's announced they'd close stores (like Pocatello & Nampa), they filed for Chapter 11. I recently read that since the bankruptcy laws were changed in 2005, there hasn't been a retailer which didn't turn into a Chapter 7 (total liquidation). Keep the fingers crossed...