collected by :Molly Tony
The company expects to close 10 of its 22 stores in Texas.
It expects to find a buyer soon and has secured financing to get it through a quick sale process it outlined.
Gander Mountain filed for bankruptcy Friday and said it expects to attract a buyer as the company lowers its operating costs as part of its restructuring.
In all the St. Paul, Minn.-based chain of 162 stores in 26 states is closing 32 stores over the next several weeks.
as declared in
Gander Mountain files chapter 11 bankruptcy, to close 32 locations
Gander Mountain announced Friday that it has filed for Chapter 11 bankruptcy protection, will close 32 underperforming locations and is seeking a buyer.
Reuters reported nearly a month ago that Gander Mountain was close to filing Chapter 11.
Enlarge This Gander Mountain store in Eden Prairie sold Nov. 15 for $18.6 million.
Gander Mountain is owned by Gratco, a firm held by Gander CEO David Pratt and the Erickson family, which also owns Holiday Stationstores Inc.
As a result, Gander Mountain decided to sell the company while continuing operations.
as declared in
Eau Claire (WQOW)- Gander Mountain has declared bankruptcy and the Minnesota based company will now close 32 of its locations, including one in Eau Claire.
According to Gander Mountain, each store generally employs 20-30 full time people and another 20-30 on a part-time and seasonal basis.
In it, Gander Mountain calls the bankruptcy filing an “important step in our restructuring”.
Gander Mountain currently operates 162 locations across the country.
A company spokesperson could not provide an exact closing date for the Eau Claire location, but said the store is one of 32 that will be winding down in the coming weeks.