Gander Mountain Prepping For Bankruptcy
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Hunting and fishing retailer Gander Mountain Co. is preparing to file for bankruptcy this month. Citing unnamed sources, Reuters reports the chain is working with financial advisory firm Lighthouse Management Group and the law firm Fredrikson & Byron PA as it prepares to file for bankruptcy.
Gander Mountain is dealing with financial struggles following an aggressive expansion strategy in which it opened 60 of its total 160 locations in the last five years. The company has a $30M loan, and revolving credit lines for $25M and $500M, according to Thomson Reuters data.