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Gander Mountain files for reorganization, 3 Minnesota stores to close

Discussion in 'Minnesota Flyway Forum' started by h2ofwlr, Mar 10, 2017.

  1. h2ofwlr

    h2ofwlr Elite Refuge Member

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  2. pintail2222

    pintail2222 Elite Refuge Member

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    They keeping that one in Eden Prairie open? Or has it already closed?

    If so - send them to Cabin Fever anyway. :tu
     
  3. h2ofwlr

    h2ofwlr Elite Refuge Member

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    From wired 2 fish. No one else is mentioning this, so it could be fake or misleading news.

    Gander Mountain Has Been Purchased
    [​IMG]
    Walker Smith
    Yesterday at 11:19 AM
    A company has won the bankruptcy auction for Gander Mountain.

    After months of various reports and some speculation, Camping World Holdings Inc. has won the bankruptcy auction for Gander Mountain. The winning bid was $390 million. This bid was more than the going-concern bid from Sportsman’s Warehouse. The auction results require final approval from a U.S. bankruptcy court judge.

    Camping World plans to operate at least 17 Gander Mountain stores as a going concern. An auction for Gander Mountain’s remaining 100-plus leases will be held on a later date. There was no word on how this will affect individual stores.

    Camping World also receives all of Gander Mountain’s intellectual property and its Overton’s boating business.
     
  4. h2ofwlr

    h2ofwlr Elite Refuge Member

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    It looks like at least 1/2 of the 160 stores will shut down permanently per below.

    More Gander Mountain closures likely as company is bought by reality TV star
    by Adam Uren, GOMN News
    May 1, 2017 1:02 pm

    More closures of Gander Mountain stores are an almost-certainty now that the struggling retailer has been bought out.

    The St. Paul-based outdoor retail chain filed for bankruptcy protection in March and shut down 32 of its stores – three of them in Minnesota – so it could keep trading while a buyer was found.

    Camping World, the Illinois company owned by CNBC reality show star Marcus Lemonis, is the new owner after winning at an auction on Friday, buying Gander Mountain and its Overton’s boating business for a combined $37.8 million, according to a company news release.

    The purchase, which needs to be confirmed by the Minnesota bankruptcy court, will see Camping World take on a minimum of 17 store leases with options to keep others open.

    Lemonis has made a TV career out of turning around struggling businesses for CNBC’s The Profit, bringing his “Three P mantra” of people/process/product to businesses operating across various industries.

    But comments made by the Camping World CEO suggest many of the store’s remaining 160 stores are going to close.

    In the company statement, Lemonis said the structure of the deal allows his company to “select only those stores which are profitable or we believe have a clear path to profitability.”

    He also tells the Wall Street Journal at least half of the 160 Gander Mountains probably won’t survive.

    Even those that stay open might have to deal with job cuts, with Lemonis saying the company has secured rights that allows it to “operate stores and retain employees at a number to maximize profitability.”

    There are nine remaining Gander Mountain stores in Minnesota: in Blaine, Forest Lake, Lakeville, Eden Prairie, St. Cloud, Bemidji, Duluth, Rochester and Baxter.
     
  5. h2ofwlr

    h2ofwlr Elite Refuge Member

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    Being they will sell off many of the store leases, it makes me wonder if Cabela's, Scheel's, Reeds, or Sportman's Warehouse will be buying a bunch of them up?

    Meaning say Reeds expands a couple of stores in Mn, or Scheel's 6 locations in the upper midwest, SW 12 stores in the western part of the US, perhaps Cabela's 20 sites, and maybe Dick's will buy some too.


    I think I am part of the trend of research online and then head to the store to buy. Vs years ago it was research and "shopping" (looking) in person. There is a very noticeable trend of this regarding Christmas items in the last 10 years. And we wonder why Macy's (Daytons) closed down their flagship Nicollet mall store a couple of months back that at 1 time was the "go to" destination store to bring the kids to for decades. Thus this gives credence of the the big box stores are past prime. Heck look at Sears, Kmart, JCP, Kohls as they are all struggling now.
     
    Last edited: May 1, 2017
  6. Rogue Hunter

    Rogue Hunter Elite Refuge Member

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    Can't believe they would close Mankato store before Waite Park??? Waite park store is ALWAYS a dead zone. I guess that kind of thinking is what got them in trouble in the first place.
     
  7. h2ofwlr

    h2ofwlr Elite Refuge Member

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    Like often happens when a General contractor that goes bankrupt, often 6-9 subs have to file too.

    I don't care how you want to look at it, it will hurt a LOT of people in MN with their filing 2 months ago and many more in the months ahead that likely will loose their jobs.
    Here is some of the fall out and I suspect many millions more are owed to many more suppliers

    http://www.bizjournals.com/twinciti...der-mountain-files-chapter-11-bankruptcy.html
    According to bankruptcy filings, the creditors with the largest unsecured claims are: Farmington, Utah-based Vista Outdoor Sales ($15.1 million), Columbia, S.C.-based Pure Fishing Inc. ($4.5 million) and Chapin, South Carolina-based Ellett Brothers ($3 million).


    Several other creditors based in Minnesota were listed in the largest 20 unsecured claims: Minneapolis-based Bill Hicks & Co. Ltd. ($1.69 million), Minnetonka-based Normark Corp. ($979,000) and Red Wing-based Red Wing Brands of America ($819,000).

    Bankruptcy filings list Gander Mountain's assets and liabilities between $500 million and $1 billion.
     
    Last edited: May 2, 2017

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