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Retails   Gander is seeking a buyer

Gander Mountain files for Chapter 11

Gander MountainGander Mountain, the largest chain of outdoors specialty stores in ths U.S., filed for Chapter 11 bankruptcy protection with the aim of selling the business.

The company is seeking a buyer and it will be closing 32 of its 162 stores in the next few weeks.

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Reports began circulating in January that the St. Paul-based company was suffering financially, with some vendors not being paid.

Gander Mountain said the filing was prompted by a realization that the company lacks the capacity to reposition its faltering outlets and that the best way forward is to sell the business "on a going-concern basis."

"The court's protections will enable us to manage the sale process on an expedited basis while protecting the interests of our customers, employees and other stakeholders," Gander Mountain said.

Gander Mountain said it is in active discussions with several potential buyers and expects to hold an auction in late April, with an anticipated closing by May 15.




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