Gander Mountain confronts financial trouble
After an aggressive expansion across the United States for a total of about 160 stores, with nearly 60 new outposts opened or announced since 2012. Gander Mountain Co is preparing to file for bankruptcy as early as this month, after an aggressive effort to expand its store base failed to pull in new customers.
Gander Mountain, which bills itself as America’s firearms superstore, has faced challenges capitalizing on a booming gun market. The FBI carried out a record 27.5 million background checks on people seeking to buy guns in 2016, up 19 percent from the year before.
Gander has not been able to keep up with the steep competition from Bass Pro Shop’s and Cabella’s, which have been revamping their stores to attract customers with restaurants and shooting activities.
Gander Mountain would be the fifth outdoor retailer to file for bankruptcy in the last 12 months, following sports retailers such as Sports Chalet and Sports Authority Inc, which both sought court protection from their creditors.
Keep your eyes open, Gander Mountain may have some major sales going on soon. I will definitely be taking advantage of those.
For full press release check it out on Reuters