Gander Mountain Preparing for Bankruptcy Filing
Gander Mountain Co. is preparing to file for bankruptcy as early as this month, according to a report by Reuters. An aggressive effort by the hunting and fishing retail chain to expand its store base failed to pull in new customers, according to people familiar with the matter. Gander Mountain wanted to address some of its challenges by exploring a sale last year of its online and catalog boating business called Overton's, but was unable to find a buyer at agreeable terms, according to the sources.
Total Retail's Take: The start of 2017 has been filled with store closures and bankruptcy filings, and it looks like Gander Mountain will be the next company to add its name to the list. Gander Mountain would be the fifth outdoor retailer to file for bankruptcy in the last 12 months, following sports retailers Sport Chalet and Sports Authority, which both sought court protection from their creditors (both Sports Authority and Sport Chalet have since both gone out of business). Perhaps with the apparent dissolution of the Cabela's-Bass Pro Shops merger, seemingly blocked by the FTC, Gander Mountain can reorganize its business under Chapter 11 protection and come up with a strategy to capture more market share in a fractured market.
