Gander Mountain To File For Bankruptcy
Gander Mountain, a hunting, fishing and outdoor activities retail store with headquarters in St. Paul, is expected to file for bankruptcy, possibly as early as this week, according to a report by Reuters.
Lighthouse Management Group Inc., a financial advisory firm, and Fredrikson and Byron PA, a law firm, have reportedly been working with Gander to file for bankruptcy.
The report cites a failure to capitalize on the booming gun market, with an estimated 27.5 million background checks performed on people buying guns in 2016 in the United States, up 19 percent from 2015.
In addition, Gander Mountain has seen stiff competition from stores such as Bass Pro and Cabela’s. Last year, Bass Pro announced it was purchasing Cabela’s for $5.5 billion, amounting to more pressure on Gander, although the sale still has many hurdles to jump.
Gander Mountain states on its website that it’s “nation’s largest retail network of outdoor specialty stores for shooting sports, hunting, fishing, camping, marine, apparel, footwear and outdoor lifestyle which makes us the most convenient outdoor retailer.” It was founded in 1960 and was taken private in 2010.
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