Gander Mountain Reportedly Filing For Bankruptcy
It looks like the hunting, fishing, and outdoor giant is in a bit of trouble after recent reports say they are preparing to file for bankruptcy.
As reported by Reuters.com, the bankruptcy filing could come as early as this month after the company wasn't able to bring in new customers with an aggressive effort to expand its store base.
Reuters says Gander Mountain officials haven't commented on the reports, but the company is reportedly working with a financial advisement firm to help them file.
Gander Mountain advertises its stores as America's firearms superstore, but hasn't been able to take advantage of the popular gun market in the U.S., possibly because of the uptick in background checks carried out by the F.B.I.(a 19% increase from 2016).
Another reason for poor sales numbers could be the rapid expansion of Bass Pro Shops, who have recently moved into many Gander Mountain markets including right here in Central New York.
Bass Pro has also agreed to buy Cabella's for $5.5 billion, but that deal has yet to be confirmed. When it does however it could spell disaster for Gander Mountain.
As of right now, there are no reports of any Gander Mountain Stores closing throughout the U.S., but that could change in the near future.
For more information, read the full report from Reuters.com.