Gander Mountain is preparing a bankruptcy filing this month, according to NewsTime.com. The impact on its 160 nationwide stores is currently unknown.
They also operate Overton’s and attempted to address their challenges last year by exploring a sale of the online and catalog boating business. They were unable to find a willing buyer of the property.
Gander Mountain is currently working with financial advisory firm Lighthouse Management Group and Fredrikson and Byron PA law firm. This news comes shortly after an aggressive expansion plan that placed new stores throughout the country.
The company has a $30 million loan and revolving credit lines for $25 million and $500 million, according to Thomson Reuters data. It is unknown how much money in the credit lines Gander Mountain has yet to draw down on.
We will provide additional details as they’re made known.