Gander Mountain Co. in Minnesota is in the currently filing for bankruptcy. Yikes. Sporting goods stores seem to go out of business left and right.
The company is working diligently with a financial advisor to complete the process.
This is a hard and sad decision for Gander Mountain, but they seemed to have tried to expand a little too quickly and aggressively. They are a great store, but they simply did not pull in enough new customers to cover the costs.
Reuters report says that the company took out massive 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.
Here is the released a statement from Gander Mountain:
Gander Mountain is the nation’s la…