By Beth Baumann
St. Paul, Minnesota-based Gander Mountain Co. is currently in the process of filing for bankruptcy. The company is working with a financial advisory firm, Lighthouse Management Group, to file bankruptcy as early as this month.
The financial decision comes after Gander Mountain attempted an aggressive expansion of its stores but failed to attract new customers. To date, the sporting goods chain has roughly 160 stores, 60 of which have opened since 2012.
According to a Reuters report, Gander Mountain took out substantial loans:
The company has a $30 million loan, and revolving credit lines for $25 million and $500 million, according to Thomson Reuters data. It is not clear how much money in the credit lines Gander Mountain has yet to draw down on.
The company released a statement, explaining their financial hardships to consumers and employees:
Gander Mountain is the nation’s largest outdoor retail network with 162 specialty stores across 26 states. We are a fully integrated Omni-Channel retailer dedicated to servicing the hunting, camping, fishing, shooting sports, and outdoor products markets. As ‘America’s Firearms Supercenter™,’ we are a market leader in the shooting sports category with an extensive offering of firearms, ammunition, and accessories.
Like most retailers, we are subject …Read the Rest
Source:: Bearing Arms