Gander Mountain expects to name a stalking horse bidder to acquire the majority of its stores in “coming days,” according to a bankruptcy court filing.
According to an affidavit from Tim Becker, an EVP of Lighthouse Management Group, who was appointed chief restructuring officer on January 9, Houlihan Lokey was engaged by Gander Mountain in late January 2017 to provide investment banking and financial advisory services. With Houlihan’s assistance, a process of soliciting offers for the purchase of its assets was started while the company identified 32 underperforming stores is plans to close.
“By filing these cases and the corresponding initial motions and other motions that will be filed in the coming days, the debtors seek permission from the Court to immediately close underperforming stores and conduct store closing sales, conduct an auction for some or all of their assets and if necessary liquidate their assets if an auction proves unsuccessful,” wrote Becker. “In this case, speed is particularly important. The debtors need to move quickly to preserve and maximize the value for the benefit of their creditors.”
