The saga that is the financial health of Gander Mountain is nearing a close. Back in February TFB reported that Gander Mountain was rumored to be facing money problems. The rumors apparently were so bothersome that Gander Mountain was prompted to give a public statement. Rumors were put to rest temporarily in early March when they filed for Chapter 11 Bankruptcy. The rumor mill started back up with people believing Sportsman’s Warehouse was the front-runner to buy Gander Mountain. This was proven wrong when Camping World Holdings (aka “Camping World”) bought them at a bankruptcy auction for $390 million. Sportsman’s Warehouse was bidding against Camping World in hopes of purchasing them, but bowed out before the $390 million mark.
As part of the deal of purchasing Gander Mountain, Camping World must keep open at least 17 of the former 160 retail locations. If there is any doubt in people’s minds of that being true, here is an e-mail sent out by Gander Mountain regarding their current situation within the market.
There is a public statement that extends from this e-mail on a Gander Mountain website that further details this:
In March 2017, Gander Mountain filed for voluntary Chapter 11 Bankruptcy and began the work to restructure the company and remain a part of the outdoor community. In May 2017, Gander Mountain and Overton’s were acquired by Camping World Holdings, Inc.
The announcement of Camping World acquiring the Gander Mountain brand means that we will continue to be a part of the specialty outdoor market. Many of our customers that depend on us for their recreational lifestyle will continue to enjoy the great products and services that have been the company’s hallmark throughout its history. We at Gander Mountain believe that our best days are still ahead of us and we ask that you join us in welcoming and supporting this successful transition. Camping World shares the same passion for the outdoors as Gander Mountain and our customers, making for a great melding of businesses and outdoor communities.
Welcome to the team, Camping World! We are excited for the future and the infinite possibilities ahead of us to serve the outdoor community!
Check back in Fall 2017 for more details!
The public statement paints a nice warm picture, but the fact of the matter is 126 sporting goods stores are closing. There may only be 34 or less stores that remain. Regardless if you are a fan of Gander Mountain stores, it is always disheartening to hear firearm companies failing.
The extension to the e-mail that Gander Mountain recently sent out can be seen HERE.