Gander Mountain issued a statement noting that has hired Houlihan Lokey as independent advisors as part of a review process while also appearing to downplay rumors of an imminent bankruptcy.
The privately-held firm said it issued the statement because “recent speculative news articles” had caused concern among its partners.
Regarding the review, the statement reads, “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.”
Reuters reported on February 13 that Gander Mountain was preparing for a debt restructuring in bankruptcy proceedings. The report stated that the hunt & fish chain had hired financial advisory company Lighthouse Management Group Inc. and law firm Fredrikson and Byron to assist in the process.
The full statement from Gander Mountain follows:
“As a privately held company, it is our longstanding policy not to comment on our business affairs. Unfortunately, recent speculative news articles have caused concern among some of our customers, employees, and trade partners, and require us to make a rare exception.
“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.”
