The headline spread first from Reuters, then across the cavalcade of fishing websites across the U.S—”Gander Mountain preparing to file for bankruptcy.” Suddenly, jobs at 162 brick-and-mortar outdoor stores are in doubt.According to Reuters, Gander Mountain is already working with a financial advisory firm and legal team to prepare for a bankruptcy filing in the coming weeks. If they do file, Gander Mountain will become the fourth large scale, outdoor retail chain to file for bankruptcy in the past calendar year, joining Sports Authority, Sports Chalet, and Eastern Mountain Sports on the list of industry giants who are struggling.
Privately-owned Gander Mountain is said to have debts including a $30 million loan and $525 million in credit, though the company has not stated how much of that credit line is being used. In fact, the St. Paul-based retailer is remaining silent on the issue, leaving consumers, manufacturers and other retailers to speculate on what insiders are calling a leak that no one is confirming, with nearly every outlet pointing back to the ubiquitous, February 10 post by Reuters.
For the purposes of this exercise, we’ll play along with the caveat that an impending bankruptcy has not been confirmed or denied by Gander Mountain.
