Camping World Acquires Gander Mountain Assets in Auction
Camping World Holdings said Monday it has acquired the assets of Gander Mountain and Overton's Inc. through a bankruptcy auction. Camping World's bid of $15.6 million — plus $22.15 million for other assets — was the winning bid in a bankruptcy auction held last week by the U.S. Bankruptcy Court for the District of Minnesota, the company said. The court also chose a group of liquidators that will conduct liquidation sales at substantially all of Gander Mountain's existing stores. Among the assets Camping World will obtain are intellectual property rights, operating systems and platforms, certain distribution center equipment, the Gander Mountain and Overton's e-commerce business, and fixtures and equipment for the Overton's retail and corporate operations.
Total Retail's Take: There's a common bond between Camping World's customers and Gander Mountain and Overton's customers — their love for the outdoors. Camping World hopes to capitalize on that synergy to expand its business, leveraging Gander Mountain and Overton assets to do so. As part of the bankruptcy agreement, Camping World will be obligated to operate 17 former Gander Mountain stores, but reserves the right "to operate stores and retain employees at a number to maximize profitability." Therefore, it seems the vast majority of Gander Mountain's physical stores will be closing. Camping World is the country's largest retailer of recreational vehicles and equipment, with more than 120 stores.