ST. PAUL, Minn.--(EON: Enhanced Online News)--Gander Mountain Company announced today that it has filed a stalking horse bid by a joint venture comprised of Gordon Brothers and Hilco Merchant Resources to purchase substantially all of its assets. The filing was made today as part of the Company’s proceedings under Chapter 11 of the United States Bankruptcy Code.
In its filing, the Company noted that the stalking horse agreement and bid procedures were designed to facilitate a seamless sale of the company as a going-concern. The agreement satisfies one of the company’s planned milestones and ensures operational continuity necessary to support a successful sale. 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 Company and its advisors remain in discussions with a number of interested parties that are engaged in due diligence in an effort to finalize proposals, offers and bids. As previously announced, the Company expects to continue these efforts prior to an auction to be held in late April 2017. The Company expects to submit the winning bid to the Court for approval in early May and anticipates a closing of the sale by May 15.
The agreement was filed in the U.S. Bankruptcy Court for the District of Minnesota, case numbers 17-30673 and 17-30675. More information about Gander Mountain’s restructuring is available online at www.donlinrecano.com/gmc. Court filings and claims information are available at the U.S. Bankruptcy Court website, http://www.mnb.uscourts.gov/.
About Gander Mountain
Gander Mountain is the nation’s largest outdoor retail network with stores across 27 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. For the nearest store location call 800-282-5993 or visit www.GanderMountain.com.
Gander Mountain is also the parent company of Overton’s (www.overtons.com), a leading catalog- and Internet-based retailer of products for boating and other water sports enthusiasts.