It has been rumored for a few months but it is finally a reality, Gander Mountain has declared bankruptcy. The company filed for Chapter 11 relief under the US Bankruptcy Code on March 10 th .
What this means is that the company is not going out of business, but they are for sale. The company says that bankruptcy protection will enable them to manage the sale process on an expedited basis while protecting the interests of customers, employees and others.They are currently in active discussions with a number of interested parties and expects to solicit bids prior to an auction to be held in late April 2017.
In the mean time they plan on closing 32 “under performing stores.” A company spokesperson has provided a list of the stores that will be shut down:
Alabama (4) – Gadsden, Mobile, Montgomery, Tuscaloosa
Georgia (3) – Augusta, McDonough, Snellville
Illinois (3) – Champaign, Algonquin, Springfield
Indiana (2) – Merrillville, Greenfield
Minnesota (3) – Rogers, Mankato, Woodbury
New York (1) – New Hartford
North Carolina (2) – Raleigh, South Charlotte
Tennessee (1) – Chattanooga
Texas (10) – Houston, Killeen, Laredo, Lubbock, Round Rock, San Antonio, Sugar Land, Texarkana, Waco, West Houston
West Virginia (1) – Charleston
Wisconsin (2) – Eau Claire, Germantown
As of right now there is no timetable for the stores to close. Also it has not been put out what kind of sales to expect.
For the Complete Story CLICK HERE