Gander Mountain said to be preparing for bankruptcy
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US fishing and hunting chain, Gander Mountain, is reported to be preparing for bankruptcy.
The St Paul, Minnesota-based retailer is said to be working with a financial advisory firm as it gets ready for what many in the industry regard as an inevitable outcome. It is said to have faced stiff competition from rivals Bass Pro Shops and Cabela’s which has revamped its stores. It has also faced financial challenges following an aggressive expansion across North America which has seen it open nearly 60 new stores since 2012.
If it files for bankruptcy, it will be the fifth outdoor retailer to do so in the last 12 months, following companies that include Sports Authority and Sports Chalet.
• News outlets across North America are reporting that Bass Pro’s $5.5 billion takeover of rival Cabela’s could be in trouble following the delay caused by the Federal Trade Commission’s request for additional information about the deal.
It has pushed back the potential closing date and that could jeopardise the sale of Cabela’s credit card operations to Capital One. If it is not approved by October 3rd all parties are free to walk away.
Capital One Chairman and CEO, Richard Fairbank, said in a conference call with financial analysts, that the company was preparing for such an eventuality.