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.