Gander Mountain Preparing to File for Bankruptcy

According to the Business Journal, a report from Reuters cites unnamed sources familiar with the matter.

Minnesota-based retailer Gander Mountain is preparing for bankruptcy, which could be filed by the sporting goods store as early as next month, Reuters reports.

A spokesman told local paper the Minneapolis Star-Tribune that the company has taken a "vow of silence" on the subject.

Founded in 1960, Gander Mountain specializes in fishing, camping and hunting gear and accessories, and bills itself as "America's firearms superstore".

Despite a booming gun market, the company just has not been able to capitalize.

Gander Mountain wanted to address some of its challenges by exploring a sale previous 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.

Gander has a lot of competitors, including Scheels, Bass Pro Shops and Cabela's Inc, gunning for it.

In 2016, Bass Pro Shops offered to buy Cabela's for at least $4.5 billion. Eastern Outfitters, owned by Eastern Mountain Sports, filed for bankruptcy recently.

Based in Saint Paul, Gander Mountain was taken private in 2010 by Gratco.

  • Joanne Flowers