Gander Mountain begins liquidation sale as chief plans to remain in business

By

Obi Anyanwu

Published
May 8, 2017

Gander Mountain over the weekend began its inventory liquidation sale at its 160 retail locations in as many as 23 states in the US. The retailer's chief Marcus Lemonis said on Sunday evening that he plans to keep 70 stores open. 

 
A joint venture consortium consisting of Tiger Capital Group, Great American Group, Gordon Brothers and Hilco Merchant Resources is conducting the retailer's nationwide liquidation sale. The sale is expected to end when the outdoor lifestyle retailer sells all of its store merchandise, which includes products from brands such as Under Armour, The North Face, Columbia, New Balance, Reebok and Carhartt. In addition, Gander Mountain will continue to honor gift cards until May 17, 2017.

"Since 1960, Gander Mountain has offered the most sought-after, high-performance outdoor gear at extremely compelling prices," stated a representative of the joint venture. "This final liquidation sale presents outdoor enthusiasts with a once-in-a-lifetime opportunity to take deep discounts on this terrific gear. Many of these brands are rarely, if ever, discounted, so shoppers will want to come in early to take advantage of these sales."

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Lemonis, who is also the host of The Profit on CNBC, has conflicting plans and wants to keep 70 retail locations. He said in an interview that he bought all of the leases, in addition to all of the intellectual property and trademarks. 

He told USA Today, "A liquidator bought the inventory that's in the stores and they have the right to sell that inventory down. We want to help the liquidators sell their inventory. We don't want to be disruptive to that, but we also don't want employees thinking that they're all losing their jobs. I am definitely going to protect my people at all costs. No matter what."
 
The Saint Paul, Minnesota-based retailer filed for Chapter 11 bankruptcy protection in March after failing to attract new customers with its store expansion. The consortium won the bid to become the retailer’s liquidating agent and immediately began the sale.
 
Gander Mountain, which bills itself as “America’s Firearm Supercenter,” offers outdoor lifestyle merchandise such as shooting sports, hunting, fishing, camping, and marine gear, as well as apparel and footwear.