Editor’s note: This story has been updated to include comment from W.W. Reynolds.

The parent company of Boulder’s Neptune Mountaineering has filed for bankruptcy, citing a tough retail climate amid pressures from competitors and online sales.

Austin, Texas-based Backwoods Retail filed for Chapter 11 on Wednesday in Fort Worth, which will allow the company to reorganize and keep its 10 retail locations in business.

Backwoods bought Neptune in 2013 from longtime owner/operator Gary Neptune.

“At the present time, there is no intent to close any locations, websites or to change Backwoods Adventures, our adventure travel division,” said CEO Jennifer Mull, in a provided statement. “While changing shopping trends and consumer behavior, competitive pressures from both online and big-box retailers, and a number of bankruptcies in the outdoor space have contributed to an industry-wide weakness, we continue to believe in the industry and in our business.

“We believe with the financial restructuring of the company and several key changes in our overall corporate strategy, we will emerge a retailer capable of success in this new retail environment.”

Mull declined to answer questions, but did confirm that the court ruled Thursday to allow Backwoods to accept a $3 million loan from GemCap Solutions in California.

The funds will be used to purchase inventory for the busy holiday shopping season that accounts for 30 percent of Backwoods’ annual revenue, as well as to pay vendors, employees and landlords.

In court filings, the company claimed to owe more than $10 million to hundreds of creditors, with assets of between $1 million and $10 million.

The list of top creditors submitted to the court included several outdoor brands such as Patagonia, Prana, Marmot and Columbia.

Boulder property owner W.W. Reynolds was also listed as a creditor: Backwoods owes them nearly $70,000 in unpaid rent on Neptune’s 633 S. Broadway facilities.

Reynolds last month filed suit against Backwoods over the debt, but the bankruptcy case will put an automatic stay on that suit, said attorney Keith Moskowitz.

“We received notice yesterday afternoon directly from Neptune Mountaineering/Backwoods about the Chapter 11 bankruptcy filing,” said Luke Arrington, director of property and asset management, in an emailed statement. “They said they would be in touch to discuss their plans for the space but we have not heard anything more yet.”

Neptune and at least two other Backwoods retailers had been struggling to get inventory for months, and three employees — including assistant general manager Dan Vardamis — left the company.

Vardamis told the Camera in October that Neptune had been performing well, posting its highest sales ever in 2015.

The bankruptcy filing stated that Backwoods as a whole took in $18 million in revenue from its 10 stores that year but struggled under “significant overhead costs” including “legacy lease obligations including from previously closed stores.”

“Until recently, Backwoods has financed all of its operations from revenue derived from sales,” the filing read. “Although debtors business has traditionally generated sufficient cash to fund operations on a long-term basis, in the short-term (Backwoods has) faced a liquidity crisis as a result of the recent industry-wide downturn.”

The documents also demonstrate that Backwoods has sought multiple loans to fund the operation, owing $3.7 million to a handful of lenders.

A statement from Backwoods said the bankruptcy filing was necessary to “provide more financial flexibility for the retail locations (and) better focus the company on their transition from a traditional bricks-and- mortar retailer to an omni-channel, experience-driven enterprise.”

But, for now, nothing is changing, said store manager Jeff Henderson.

“We’re going to continue to operate business as usual.”

Shay Castle: 303-473-1626, castles@dailycamera.com or twitter.com/shayshinecastle