Gander Mountain Pulls Out of the Red

Major big box outdoor retailer Gander Mountain might have been facing some troubles, lately, but hey might be in the clear, at least for now. They wouldn’t be the first, of course, to fall to the pressures of the shrinking retail industry, but other companies don’t have CNBC’s “The Profit” Marcus Lemonis buying up dying brands. The relatively new owner reports that the company is not shutting its doors—at least, not completely—and 70 stores (or more) will remain open. This includes two in the Indianapolis area.

If you were to visit the Gander Mountain homepage, you are likely to see a digital flyer that promotes a liquidation sale, reporting that the company has been open for 57 but will be closing all of its stores.

Lemonis explains, “So Gander Mountain filed bankruptcy, as you know, and about 10 days ago I bought all of the assets, all of the intellectual property, all of the trademarks, all of the leases and the Overton’s business. Except for the fact that I did not buy, intentionally, the inventory that’s in the stores.”

He goes on to say, “A liquidator bought the inventory that’s in the stores and they have the right to sell that inventory down and out as if it’s going away. But the confusing message is whether a store is staying open or not. And ultimately we control the leases … every single property. And my intention is to keep at least 70 open.”

Now, the St. Paul, MN-based big box outdoor retailer filed for bankruptcy back in March. At that time,t he company said it had plans to close 32 stores in 11 states over the next couple of weeks. At that time, the company had 160 stores with roughly 1,280 part time and full time employees.

The company will release more announcements regarding additional store closures in the weeks to come.

Finally, Lemonis notes, “We want to help the liquidators sell their inventory. We don’t want to be disruptive to that, but we also don’t want employees thinking that they’re all losing their jobs. That’s why I’ve been so active is because, think about it. If you have a rent payment, a car payment, a tuition payment … you need to know what the hell is happening. I don’t want to disrupt what the liquidators are trying to do, but I am definitely going to protect my people at all costs. No matter what.”


No Comments

    Leave a reply