Following our February 2, 2017 report of Gander Mountain preparing for bankruptcy filing, we have now confirmed that as of today, the nation’s largest chain of outdoors specialty stores has officially filed for Chapter 11 bankruptcy protection.
The company said the following in a statement:
“Despite aggressive actions to improve the efficiency of the company’s retail operations and support functions, the underlying financial impact from underperforming stores and unproductive, excess inventory hampered efforts to create a sustainable path forward. We generally expect to conduct normal business operations during the pendency of restructuring. Employee pay will continue to arrive on time and in full, employee benefits will remain in place, retirement accounts are intact and protected.”
The retailer also announced that it will close 32 stores.