Gander Mountain to file bankruptcy

[Chucktshoes]

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 to normal economic cycles, changes in our industry and shifts in consumer demand that require us to adapt our business accordingly. It’s been that way since 1960, when we started out as a catalog company in small-town Wisconsin, and it remains the case today. It is this constant adaptation and desire to offer our customers the best selection, best value and best service that has been our hallmark for generations.

Gander Mountain and its ownership group have undertaken a best-practices approach to review our strategic options specific to positioning the company for long-term success. When we engage in such a review we often seek information and advice from external advisors to inform our decisions. To assist in this process, we have retained Houlihan Lokey as independent advisors and we are confident that the outcome of the review will identify the right go-forward strategy. In the meantime, our Gander Mountain stores and gandermountain.com remain the place to go for all of our customers’ outdoor adventure needs.

This announcement follows the closing of Sports Chalet, Sports Authority and Bass Pro’s purchase of Cabela’s.

 

https://bearingarms.com/beth-b/2017/02/16/national-sporting-goods-store-is-going-under/

 

Edited February 21, 2017 by Chucktshoes

[runco]

Hate to bust your bubble:

 

 

[FJCrusing]

http://www.cnbc.com/2017/02/18/bass-pro-shops-acquisition-of-cabelas-now-looking-shaky.html

Has until October to close otherwise the deal ends.  Hopefully it falls apart.  Not a fan of Bass Pro and do a lot of shopping at Cabela's.

[Randall53]

It's hard to attract customers when your prices are 15 to 20 percent above everyone else. 

[Wingshooter]

4 minutes ago, FJCrusing said:

http://www.cnbc.com/2017/02/18/bass-pro-shops-acquisition-of-cabelas-now-looking-shaky.html

Has until October to close otherwise the deal ends.  Hopefully it falls apart.  Not a fan of Bass Pro and do a lot of shopping at Cabela's.

Yeah. I'm a huge cabelas fan. I hope they stay separate because I like having both. I like browsing Gander also, but they're just too expensive

[FJCrusing]

16 minutes ago, Wingshooter said:

Yeah. I'm a huge cabelas fan. I hope they stay separate because I like having both. I like browsing Gander also, but they're just too expensive

Agreed.  Ironically I received a 20% off store wide coupon for Gander Mountain in the mail today.  I guess that would only bring it in line with other big box retail pricing with 20% off. 

[Randall53]

I went looking for a Glock 42 for my wife. I went to Cabelas, BPS, Sportsmans, Gander Mtn and Academy. Academy had the pistol I wanted $30 cheaper than any of the rest. They are my favorite sporting goods store around. I have found that they have excellent customer service also.

[MacGyver]

I can't remember the number of times I've walked into Gander Mountain with money to spend only to walk out in frustration trying to get someone to get something out of the case.  There aren't many places I choose not to spend money - but Gander Mountain is on that list.

That frustration is probably documented in some old thread.  

I'm surprised they've lasted this long.  But, I expect they won't be the last casualty as the market turns.  

[JoeCorrado]

I agree with everyone about the pricing at GM. It is far too high when compared to many other retailers. However, I'm surprised at how many say that Cabela's is cheaper. To me, tey make Gander seem reasonable. My problem with Academy is that they don't have near the selection. I do like that Gander has a lot of firearms in the store and have done what many others do. I check them out at Gander and if need be, I order them online or buy from a local shop for the better price. Sometimees I wait until they hit the used market and get an even better deal with some extras to boot.

[Esko 270]

Same here. I stopped by last week on my lunch break and the place was empty I thought it was closed when I first pulled in.

[Hozzie]

I hope Cabelas remains separate. It is the only true outfitter class operation going. Quality of their brand far exceeds any of the others.

Gander is a joke.

[frankmako]

their prices are to high for me.  i can and have gotten better deals on the net and at other stores.   even with the sale items they are still high.  they will not be missed by me when they closed.  the last time i went it was to kill some time.  but i did not stay long.  was the only customer in store.  

[FJCrusing]

I agree with everyone about the pricing at GM. It is far too high when compared to many other retailers. However, I'm surprised at how many say that Cabela's is cheaper. To me, tey make Gander seem reasonable. My problem with Academy is that they don't have near the selection. I do like that Gander has a lot of firearms in the store and have done what many others do. I check them out at Gander and if need be, I order them online or buy from a local shop for the better price. Sometimees I wait until they hit the used market and get an even better deal with some extras to boot.

You have to be very strategic with Cabela's. I don't think their firearm prices are very good but otherwise I buy a majority of my hunting gear and ammo from their online store. The savings is with not having to pay sales tax for online orders and when you typically spend $99 or more its always free shipping. I have the Cabelas Club credit card and receive 10% off my order plus free shipping at least once a month with special offers they send me for being a club memeber. In addition they have a pretty generous points system so between using points for purchases, no sales tax on my orders and generally having free shipping it beats out the other big box stores and other online retailers. Their store brand products are also reasonably priced and high quality unlike Bass Pro. Some of the Cabela's brand products also have lifetime warranties.

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[Pinhook]

18 hours ago, FJCrusing said:

 

You have to be very strategic with Cabela's. I don't think their firearm prices are very good but otherwise I buy a majority of my hunting gear and ammo from their online store. The savings is with not having to pay sales tax for online orders and when you typically spend $99 or more its always free shipping. I have the Cabelas Club credit card and receive 10% off my order plus free shipping at least once a month with special offers they send me for being a club memeber. In addition they have a pretty generous points system so between using points for purchases, no sales tax on my orders and generally having free shipping it beats out the other big box stores and other online retailers. Their store brand products are also reasonably priced and high quality unlike Bass Pro. Some of the Cabela's brand products also have lifetime warranties.

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Word for word truth here. 

[Dustbuster]

The experience at GM is just bad, I don't mind if something is a few bucks more but when you have to pop smoke to get help at a gun counter, something is wrong. Almost makes one appreciate the yahoo commando at the lgs, at least they man the counter


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[n0rlf]

Now when will Walmart go out? Not soon enough. Might as well call it China Mart. I avoid it at all costs. GM is the latest to suffer from the internet and bad business model. People are tied of paying more than a little more than a convenience fee. 20 to 30 % more then add tax and that is way more than most people are willing to pay to have it now. 

[Garufa]

Stopped by Goose Mountain today out in Farragut as I was in the area.  Apparently management's plan seems to be to raise their ridiculous prices even higher.

They had several Ruger SR1911's, just the basic stainless version in standard and commander sizes.  The price:  $999.99!

[A.J. Holst]

57 minutes ago, Garufa said:

Stopped by Goose Mountain today out in Farragut as I was in the area.  Apparently management's plan seems to be to raise their ridiculous prices even higher.

They had several Ruger SR1911's, just the basic stainless version in standard and commander sizes.  The price:  $999.99!

I too stopped in last week.

30 round PMAG, 11.99

223/556 starting at 11.99 per  box of 20

S&W M&P 15 $619

[Esko 270]

1 hour ago, Gotthegoods said:

I too stopped in last week.

30 round PMAG, 11.99

223/556 starting at 11.99 per  box of 20

S&W M&P 15 $619

 I seen those prices as well. It made me feel like a real genius after I paid about 8 after tax. I priced it for 6 the other day and the guy acted like I was crazy. Never shot it .

[Garufa]

10 minutes ago, Esko 270 said:

 I seen those prices as well. It made me feel like a real genius after I paid about 8 after tax. I priced it for 6 the other day and the guy acted like I was crazy. Never shot it .

What?

[JoeCorrado]

It's official: http://www.thefirearmblog.com/blog/2017/03/10/breaking-gander-mountain-close-19-stores/

I would love to explain to them why they have failed and what they could improve upon but I'm afraid it would fall on deaf ears. I've been to a couple GM's and they seem to stock items that would never sell in the state that particular store is in. It was brought up in the comments section in the link above too. They want to be "America's Firearm Superstore" yet they buy from the most expensive distributors and their prices/margins reflect it. Sucks to suck. I'd love to go off on a tangent here but it just isn't worth the effort. Only the strong survive. Maybe they'll figure it out... maybe. 

[Chucktshoes]

Whelp, that's a wrap folks. Gander Mtn is liquidating and going out of business  permanently.

 

http://m.wmctv.com/wmctv/pm_/contentdetail.htm?contentguid=od:Iko7cNkQ

Edited May 7, 2017 by Chucktshoes

[Erik88]

2 minutes ago, Chucktshoes said:

Whelp, that's a wrap folks. 

 

http://m.wmctv.com/wmctv/pm_/contentdetail.htm?contentguid=od:Iko7cNkQ

Wow.. I did not see that coming. The Knoxville location has one of the largest selections of handguns I've ever seen. 

Something tells me their going out of business sale will still be 30% above MSRP. 

[gregintenn]

So, how are their liquidation prices now? Anyone been in one lately

[Rightwinger]

They started liquidating last week.  I went in the Bowling Green, Ky store and was looking at some .308 Pmags and a can of bulk .308 and a salesman actually asked if he could help, I said I was looking at those items but it was high, he handed me a scannable coupon for 15% off right there.  Got what I needed at just above internet pricing but no wait.  Will go back by again this week to see what's in stock and on sale.