Gander Mountain will close 32 stores in bankruptcy filing.
Minnesota-based outdoor retailer Gander Mountain announced Friday that they have filed for Chapter 11 bankruptcy protection.
The news isn't entirely unexpected. Rumors have been floating around for a while about the chain possibly filing for bankruptcy. It comes at a time when many outdoor and sports retailers are struggling, especially when it comes to brick-and-mortar locations.
Gander Mountain announced the decision Friday. "Today's action is the result of an in-depth review of the company's strategic options undertaken in recent months to preserve the value of the company and position it for long-term success," a press release from the company states.
The move is supposed to help accelerate a sale of the retailer by May 15.
The company also cited increasing online sales and under performing stores in 11 states as additional reasons for the filing. Unfortunately, 32 of those stores are now slated for closure.
14 News reports the 32 locations are the following:
Alabama - Gadsden, Mobile, Montgomery, Tuscaloosa
Georgia - Augusta, McDonough, Snellville
Illinois - Champaign, Algonquin, Springfield
Indiana - Merrillville, Greenfield
Minnesota - Rogers, Mankato, Woodbury
New York - New Hartford
North Carolina - Raleigh, South Charlotte
Tennessee - Chattanooga
Texas - Houston, Killeen, Laredo, Lubbock, Round Rock, San Antonio, Sugar Land, Texarkana, Waco, West Houston
West Virginia - Charleston
Wisconsin - Eau Claire, Germantown
Things have not been especially bright for outdoor retailers recently. The biggest news of course was the announcement Bass Pro Shops was acquiring Cabela's. And there are rumors that deal may be falling through.
As for the fate of employees of Gander Mountain, in a bit of good news, company spokespersons told GoMN.com employees at closing stores may be moved to other locations to fill open positions. " Employee pay will continue to arrive on time and in full, employee benefits will remain in place, retirement accounts are intact and protected," their news release states.