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Sporting goods giant Gander Mountain rumored to file bankruptcy

With the ever-changing landscape of retail and online retailers, it is bound to bring inevitable change to how people shop. This, in turn, will affect retail, especially large brick-and-mortar companies. One such company, Gander Mountain, which has several Tennessee locations, has been rumored to be filing for bankruptcy. A company representative has officially answered the allegations that were made on this matter.

According to the company representative, they have 'undertaken a best-practices approach to review our strategic options specific to positioning the company for long-term success.' As you may notice, this statement does not specifically confirm nor deny the allegations made by Reuters last month. It is possible that the company could be seeking some type of debt reorganization, such as the reorganization one may see with Chapter 13 bankruptcy. The retail giant has 162 stores over 62 states.

It's possible that the company may be reorganizing their assets and liabilities to better serve the needs of the company, employees and customers. Whether this means they are actually filing for bankruptcy or not is not yet known. It was recently announced that two competitors (Bass Pro Shops and Cabella's) have announced a company merger. Since this would change their position in the marketplace, some form of bankruptcy may be a favorable option for the company.

This retail giant is certainly seeking counsel for their company's financial situation. Companies like them, and smaller than them, have opted for bankruptcy options as a way to consolidate debts and to make the company profitable. According to Reuters, the retail giant could be filing for bankruptcy as soon as this month. Only time will tell what Gander Mountain determines is the best option for the business.

Source: kwch.com, "Gander Mountain responds to reports of potential bankruptcy," February 14, 2017

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