Gander Mountain Discloses Stalking Horse Bid
Gander Mountain has agreed to a stalking horse bid for its assets as it looks to remain in business. A joint venture comprising Boston-based investment firm Gordon Brothers and retail specialist Hilco Merchant Resources made the bid, which was filed in U.S. Bankruptcy Court. A stalking horse bid sets the bar for a sale, but other potential buyers can submit competing bids. Gander Mountain is hoping to conduct a final auction later next month with the aim of completing a sale by May 15.
Total Retail's Take: The stalking horse bid is good news for Gander Mountain, the nation’s largest chain of outdoor specialty stores. The company filed for bankruptcy protection last month, saying that it will close 32 of its 162 stores as it seeks a buyer. The privately held company is one of many brick-and-mortar retailers that have been struggling to stay afloat as consumers increasingly gravitate to online shopping. Gordon Brothers and Hilco, for example, are involved in several liquidation efforts, including BCBG, HHGregg and Wet Seal.