Sources Say Gander Mountain Will File for Bankruptcy
Reuters says "according to people familiar with the matter," Gander Mountain is preparing for a bankruptcy filing. The Minnesota-based company, in the middle of building a new Cedar Rapids store, reportedly could file for bankruptcy before February is over.
Gander Mountain has expanded to around 160 stores, with more than a third of those having opened in the last four-plus years. A Cedar Rapids store in the new Northtowne Market Shopping Center off Blairs Ferry Road NE, across from SuperTarget, is scheduled to open this spring. The 52,000 square foot store will replace the current one off Edgewood Road SW.
Gander Mountain calls itself America's firearms superstore, but Bass Pro Shops and Cabela's are making for tough competition. The company was taken private in 2010 and currently has a $30 million loan. Thomson Reuters data also says they have two revolving credit lines.
If they file for bankruptcy, Gander Mountain would be the fifth outdoor retailer to do so in the last year.