A Winnipeg landmark is closing it's doors, maybe forever. Gord's Ski and Bike has been around since 1961, but now the popular retailer could be one of the first local casualties of a worldwide credit crunch.

Staff at Gord's are counting inventory, as the company goes into receivership.

J.F. Ravenelle, the former general manager of the 47-year-old business tells CTV News the recent addition of a second store is what likely did them in. Owners simply didn't have enough cash to continue operations.

A plan to sell the store fell through, and now the doors are closed. Shocked customers were arriving to find they'd have to look elsewhere.

Despite the rough ride some retailers and manufactures are experiencing, the Winnipeg Chamber of Commerce says there's never been a better time to sell the city to the world.

The theory is to get ready for the upturn now, not when it's already in motion. Chamber President Dave Angus says the diversification of Manitoba's economy should soften the blow, but won't save everyone.

"There's going to be a time when things are going to start to turn," he said. "Well you don't start then - trying to get the investment. You start now.

"You're going to have some winners and, you're going to have some losers," said Angus "That's the nature of business.

Gord's is likely just the first, as the economy thins the herd.

J.F. Ravenelle posted this statement on Gord's website on Friday, Oct. 17:

The unfortunate thing was that a buyout group that I was spearheading put in considerable effort [but] was not able to help Gord's pre-bankruptcy. But, because of partially due to the recent events on world markets, while pre-crash we had all our the financing we had in place to salvage Gord's... post crash we simply lost most of our financing in order to make this happen the way we initially wanted it to happen... proved to be inadequate to achieve our objectives. And so yesterday, October 16th the doors closed.

With a report from CTV's Jon Hendricks.