By Beth Baumann
Here’s an update for those of you who are Gander Mountain fans. Brace yourself. Things are slightly messy.
In March, Gander Mountain filed for voluntary Chapter 11 Bankruptcy and looked for a potential buyer. After no one came forward, the company worked to restructure. They initially decided to close 32 under-performing stores.
On May 1, Camping World Holdings, Inc. acquired Gander Mountain and Overton’s. Under the agreement, Camping World acquired Gander Mountain’s existing leases and employees. Gander Mountain, however, has to liquidate all of their current inventory nationwide.
“The structure of our deal provides much flexibility and will not only allow us to refine the inventory selection and select only those stores which are profitable, or we believe have a clear path to profitability, but will also allow us to immediately offer our comprehensive portfolio of services, protection plans, products and resources to the existing Gander Mountain and Overton customer base and in stores in which we elect to operate,” Camping World CEO Marcus Lemonis said in a statement. “While we are obligated to assume a minimum of seventeen leases, our designation rights will allow us to operate stores and retain employees at a number to maximize profitability.”
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Source:: Bearing Arms