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Gander Mountain Co. in Minnesota is in the currently filing for bankruptcy. Yikes. Sporting goods stores seem to go out of business left and right.

The company is working diligently with a financial advisor to complete the process.

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This is a hard and sad decision for Gander Mountain, but they seemed to have tried to expand a little too quickly and aggressively. They are a great store, but they simply did not pull in enough new customers to cover the costs.

Reuters report says that the company took out massive loans:

The company has a $30 million loan, and revolving credit lines for $25 million and $500 million, according to Thomson Reuters data. It is not clear how much money in the credit lines Gander Mountain has yet to draw down on.

Here is the released a statement from Gander Mountain:

Gander Mountain is the nation’s largest outdoor retail network with 162 specialty stores across 26 states. We are a fully integrated Omni-Channel retailer dedicated to servicing the hunting, camping, fishing, shooting sports, and outdoor products markets. As ‘America’s Firearms Supercenter™,’ we are a market leader in the shooting sports category with an extensive offering of firearms, ammunition, and accessories.

Like most retailers, we are subject to normal economic cycles, changes in our industry and shifts in consumer demand that require us to adapt our business accordingly. It’s been that way since 1960, when we started out as a catalog company in small-town Wisconsin, and it remains the case today. It is this constant adaptation and desire to offer our customers the best selection, best value and best service that has been our hallmark for generations.

Gander Mountain and its ownership group have undertaken a best-practices approach to review our strategic options specific to positioning the company for long-term success. When we engage in such a review we often seek information and advice from external advisors to inform our decisions. To assist in this process, we have retained Houlihan Lokey as independent advisors and we are confident that the outcome of the review will identify the right go-forward strategy. In the meantime, our Gander Mountain stores and gandermountain.com remain the place to go for all of our customers’ outdoor adventure needs.

Other recently closed sporting goods stores include Sports Chalet, Sports Authority and ‘Bass Pro’s purchase of Cabela’s’.

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