Outdoor retailer files ‘stalking horse’ bid

Gander Mountain has taken a step toward keeping the brand in business.



The outdoor retailer, which filed for bankruptcy protection on March 13, has filed a stalking horse bid. A joint venture comprised of Gordon Brothers and Hilco Merchant Resources has proposed to purchase substantially all of the retailer’s assets. This stalking horse bid will act as a baseline, in effort to ward off low offers on the chain’s assets.



Upon entering bankruptcy, the Gander Mountain reported it intends to pursue a “going concerns sale,” enabling it to function without the threat of liquidation for the foreseeable future. That said, the company remains in discussions with a number of interested parties, and will continue to evaluate offers prior to an auction to be held in late April 2017.



“Gander Mountain believes it has substantial market value to strategic buyers and that today’s agreement provides a competitive baseline to evaluate subsequent offers and maximize value to its stakeholders,” the chain said.



The company expects to submit the winning bid to the U.S. Bankruptcy Court for approval in early May, and anticipates a closing of the sale by May 15, according to Gander Mountain.



Gander Mountain is an omnichannel retailer that operates stores across 27 states.