Three former executives at the defunct G.I. Joe’s Sports & Outdoors have opened a small store in Bethany, Oregon and plan to open a larger flagship store on the westside later this summer as part of a plan to revive the Joe’s chain.

According to a report in The Oregonian, the new team includes B.G. Eilertson, Ron Menconi and Ed Ariniello. The report said the group has received a commitment from an investor that it says ensures enough capital to open its flagship this year. Negotiations have begun for a lease on a westside store.

“Were going back to the auto and boat parts and fishing and hunting gear,” said Menconi, former senior vice president of marketing and merchandise. “The lower prices every day. The G and the I. Everything like it was before the financial firms got involved.”

The plan calls for three to five stores in the Portland area over the next 18 months, some in former Joe’s locations. The team’s business pitch is titled “The G.I. Joe’s Comeback.”

One complication is that Alberta-based UFA Ltd., which last year acquired several Sportsman’s Warehouse locations in the U.S., bought the domain names JoesSports.com and GIJoes.com in bankruptcy court. It has since converted those Sportsman Warehouse locations to Wholesale Sports. The co-operative also claims to own the trademark to the corporate name.

Menconi and others told The Oregonian that they disagree and contend that because they have been using the name at the storefront since January, they would prevail in court.

Joe’s filed for Chapter 11 bankruptcy protection in March 2009 and soon moved into a liquidate after being unable to secure funding in the downturn. All 31 stores were liquidated by the end of May.