Gander Mountain Files For Chapter 11 Bankruptcy; Seeks Buyers To Keep Afloat
Gander Mountain recently filed Chapter 11 bankruptcy from its creditors. The outdoor reseller has the goal of selling its business. The company is also said to close 32 stores out of its 162 stores in the next couple of weeks.
According to a report, Gander Mountain started to suffer financially in January. There have been reports then that certain vendors have not been paid. It is indicated that the company is also seeking a buyer as of this time.
The filing of bankruptcy by Gander Mountain has been triggered by the company's realization that it cannot anymore reposition the outlets that are falling. A statement coming from the company stated that the best thing for the company is to sell the business.
Gander Mountain is said to be in talks with potential buyers for the business. The company is also planning to hold an auction in April. It is noted that the company's target for it to close is on May 15. There is a potential struggle financially for the company as of this time.
A report indicated that three stores in Minnesota will close for Gander Mountain. These stores are specifically located in Woodbury, Rogers, and Mankato. These three stores are part of the 32 stores that are not performing well in sales. These others stores for the company are said to close in the process.
In the meantime, Gander Mountain will do business as usual. The announcement for the company's filing is the latest one for one that has been around for 60 years. The company started in the 1960's and went public in the 80's.
Meanwhile, a statement from Gander Mountain noted that the decision to file for bankruptcy has been hard. It has come up to a decision with extensive analysis. All options had been weighed before the decision was finalized.