Gander Mountain has become the latest outdoor retailer in a growing lineup that’s facing extensive financial trouble and is preparing to file for bankruptcy. There’s no clear indicator as to the impact this decision will have on the retailers 160 stores nation wide.
The retailer, which was founded in 1960, recently launched an ambitious expansion plan that saw new stores open up across the country.
It’s unknown how much money in credit lines Gander Mountain has drawn on, but they currently have a $30 million loan with revolving credit lines for $25 million and $500 million.
The company is working with Lifehouse Management Group, a financial advisory firm, and Byron PA law firm, during the process.