Gander Mountain, an outdoor-goods retailer based in St. Paul, Minn., has filed for Chapter 11 bankruptcy protection. The company plans to close 32 underperforming stores and is seeking a buyer,
the
Minneapolis/St. Paul Business Journal
reported.
Gander Mountain is own by Gratco, a firm held by Gander CEO David Pratt and the Erickson family, which also owns Holiday Stationstores Inc., the journal article said. The chain was taken private in 2010 and “aggressively expanded” to more than 160 locations in 26 states, the article said.
“After an internal review, the company determined it didn't have the financial capabilities or time to reset its operations to implement a lower-cost operating model,” the article said, citing a company statement. (Source:
Minneapolis/St. Paul Business Journal
, March 10, 2017.)
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