Gander Mountain Preparing for Bankruptcy

[WB Staff]

Gander Mountain preparing to file for bankruptcy this month

U.S. hunting and fishing chain 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, according to people familiar with the matter.

Gander Mountain is working with financial advisory firm Lighthouse Management Group Inc and law firm Fredrikson & Byron PA as it gets ready to file for bankruptcy, the people said this week.

The sources asked not to be identified because the matter is confidential. Gander Mountain and Lighthouse Management declined to comment this week, while a spokeswoman for Fredrikson did not return a request for comment made on Wednesday.

Gander Mountain, which bills itself as America's firearms superstore, has faced challenges capitalizing on a booming gun market. The Federal Bureau of Investigation 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 also has stiff competition from rivals like Bass Pro Shops and Cabela's Inc (CAB.N), which have been revamping their stores to attract customers with restaurants and shooting activities.

Full story: http://www.reuters.com/article/us-gande ... SKBN15P2N5