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Hunting and fishing retailer Gander Mountain Co. is preparing to file for bankruptcy this month. Citing unnamed sources, Reuters reports the chain is working with financial advisory firm Lighthouse Management Group and the law firm Fredrikson & Byron PA as it prepares to file for bankruptcy.
Gander Mountain is dealing with financial struggles following an aggressive expansion strategy in which it opened 60 of its total 160 locations in the last five years. The company has a $30M loan, and revolving credit lines for $25M and $500M, according to Thomson Reuters data.
The retailer, known as America’s firearms superstore, operates 160 stores in 27 states. Despite rising gun sales nationally, the retailer has had trouble competing with retailers like Bass Prop Shops and Academy. The outdoor/sports industry is also suffering as a whole. Gander Mountain's bankruptcy would mark the fifth outdoor retailer to file for bankruptcy in 12 months.
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