Write to Jacqueline Palank at ©2022 Dow Jones & Company, Inc. The first hearing in the case will be held Tuesday, court papers say. Together, Gander Mountain and Overton’s employ about 6,650 people at their stores, corporate headquarters and distribution centers.Īdvising Gander Mountain and Overton’s in the bankruptcy are lawyers at Fredrikson & Byron and investment bankers at Houlihan Lokey Capital Inc. That includes Remington Arms Co., owed $2.6 million, and Vendors are owed about $115 million, court papers say. subsidiary, which sells boating and water-sports products in catalogs and online.Ĭourt papers say the companies are essentially run as one business and have “substantial overlap” of their creditors, from lenders to trade vendors. Choose to practice your skills in our gun range, our unique fully immersive simulators, or our virtual shooting range. All in a safety-first, family-friendly environment. Joining Gander Mountain in bankruptcy is its Overton’s Inc. Gander Mountain Academy is a unique destination experience that sets new standards for those looking to affordably improve their skills and knowledge. The company reported assets and debts each in the $500 million to $1 billion range in its bankruptcy petition. Court papers say the chain operates about 160 stores in 27 states.
Gander Mountain said it would continue operating during the chapter 11 process, although it does plan to start closing about 30 underperforming stores in the coming weeks.
The company is the latest large retailer to turn to bankruptcy in the face of changing consumer behavior-most notably, the rising dominance of online shopping that has caused sales to fall at big-box retailers. The company estimates there are $46.5 million in outstanding gift cards and $3.7 million in rewards certificates, but it doesn’t expect customers to redeem all of those. Gander Mountain is also proposing to continue honoring gift cards and rewards certificates during its bankruptcy case. The financing consists of new money as well as a refinancing of $390 million already owed to the lender group. Gander should be your first stop once youve planned out your Florida. To fund its chapter 11 case, Gander Mountain is seeking court approval of $452 million in bankruptcy financing from existing lenders led by Gander Mountain is certainly the place for the outdoorsman or sports enthusiast.
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