Camping World buys Gander

[Lee Borgersen]

Camping World-led group wins bankruptcy auction for Gander Mountain confused-3316.gif


By Reuters Media on Apr 28, 2017 at 9:09 p.m.

  ...........
The largest U.S. recreational vehicle dealer, Camping World Holdings Inc, and a group of liquidators won a bankruptcy auction for St. Paul-based sporting goods retailer Gander Mountain on Friday, according to a bankruptcy court filing.

  ....
The value of the winning bid was about $390 million, according to people familiar with the matter who requested anonymity to discuss the details of the auction results. The Camping World-led group bested a going-concern bid for Gander Mountain from rival Sportsman's Warehouse, the sources said.

Camping World, which is run by Marcus Lemonis, a star on CNBC's reality show "The Profit," plans to operate at least 17 Gander Mountain stores as a going concern, the sources said. An auction for Gander Mountain's remaining more than 100 leases will be held later, the sources said. There was no immediate word on how individual stores - including one in Hermantown - would be affected.

The consortium also won all of Gander Mountain's intellectual property and its Overton's boating business, the sources said. Gander Mountain bills itself as "America's Firearm Superstore."

Gander Mountain declined to comment and Lincolnshire, Ill.-based Camping World did not immediately respond to a request for comment. The auction results will require final approval from a U.S. bankruptcy court judge.

Gander Mountain filed for bankruptcy in March with a plan to quickly sell itself after struggling with excess inventory and seeing its approximately 160 stores underperform. It listed assets and liabilities each worth up to $1 billion.

Within the retail sector, sporting goods is going through a period of consolidation and distress. Gander Mountain competitors including Sports Authority and Eastern Mountain Sports also have filed for bankruptcy.

Financially healthy rivals Bass Pro Shops and Cabela's plan to merge this year in an approximately $5 billion deal.

Camping World, which has 120 R.V. SuperCenters across the U.S., raised $251 million last fall in an initial public offering.

[Lee Borgersen]

                            UPDATE!

Many Gander Mountain stores likely to close








By MILWAUKEE JOURNAL SENTINEL |

PUBLISHED: May 1, 2017 at 11:16 pm | UPDATED: May 1, 2017 at 11:34 pm




 



  ...
Many of Gander Mountain’s 160 stores appear destined for closing, and the guns, camping gear and other inventory in the stores will be liquidated, under a plan filed in bankruptcy court.

Camping World Holdings Inc., which operates a network of stores catering to recreational vehicle owners, said Monday that it has won a bankruptcy auction of Gander Mountain’s assets.

The deal requires Camping World to assume the leases on just 17 Gander Mountain stores, and gives it the right to assign others.

The Wall Street Journal quoted Camping World CEO Marcus Lemonis as saying that at least half of the existing Gander Mountain stores won’t survive.

Based in St. Paul, Gander Mountain started in Kenosha County, Wis., in 1960 as a catalog retailer. The firm went through bankruptcy in the 1980s and in 1996, and filed again for in March, seeking protection from creditors while it reorganized its financial affairs.

The company has had fierce competition from rivals such as Bass Pro Shops and Cabela’s.In an announcement Monday, Camping World said it had bid nearly $38 million for the assets of Gander Mountain and its boating business, Overton’s Inc.

A group of liquidators, meanwhile, won the rights to sell off the inventory in Gander Mountain’s stores.

The winning auction bids are subject to approval by the bankruptcy court in Minnesota, which will hold a hearing on the sale on Wednesday.

In his statement, Lemonis said the deal would allow Camping World to “refine the inventory selection” at the Gander Mountain locations and “select only those stores which are profitable or we believe have a clear path to profitability.”

Camping World will be able to offer its products and services at the Gander Mountain locations. Besides its retail stores, Camping World operates the Good Sam Club, which provides breakdown insurance, roadside assistance and other services to RV owners.

Another company executive, chief operating officer Brent Moody, said in the statement that Camping World will immediately “right size the inventory” — code for reducing it — and will place “an extreme focus on corporate overhead and expenses.”

Camping World, based in Lincolnshire, Ill., is publicly traded on the New York Stock Exchange.

[Steve-o]

Only 17 stores ?!?

When and where does the fire sale start?

[Leech~~]

So an over priced Camping store bought a over priced Outdoor goods store? They will both go down together! 

[Rebel SS]

Not before Glenn gets in there with all his money and buys me a nice present, I hope!   

[Lee Borgersen]

 Signs say Gander Mountain closing; official says no!
 
 
By News Tribune on May 4, 2017 at 9:55 p.m.

 
A sign on the exterior of Gander Mountain in Hermantown reads "going out of business." (Andrew Krueger / akrueger@duluthnews.com) “Going out of business” and "store closing" signs were posted throughout the Gander Mountain location in Hermantown on Thursday, and a liquidation sale was underway — but the CEO of the company that bought the bankrupt outdoors chain said via Twitter that the store would in fact remain open.

Late Thursday, Camping World CEO Marcus Lemonis reported that — despite the signs — the store would not be closing; he said the signs were posted by liquidators who would be clearing out the old inventory to make way for a Gander Mountain location stocked with "fresh stuff and the right stuff."

The Hermantown store was not the only Gander Mountain location where there was confusion Thursday. "Going out of business" signs were posted on the store in Fargo, too — a store that Lemonis also tweeted would, in fact, remain open.



St. Paul-based Gander Mountain filed for bankruptcy in March; the chain has about 160 stores.

Gander Mountain opened its first Duluth-area store in 1993; it moved to its present 65,000-square-foot location at 4275 Haines Road in Hermantown in 2005.

A sign on the exterior of Gander Mountain in Hermantown reads "going out of business." (Andrew Krueger / akrueger@duluthnews.com) “Going out of business” and "store closing" signs were posted throughout the Gander Mountain location in Hermantown on Thursday, and a liquidation sale was underway — but the CEO of the company that bought the bankrupt outdoors chain said via Twitter that the store would in fact remain open.

Late Thursday, Camping World CEO Marcus Lemonis reported that — despite the signs — the store would not be closing; he said the signs were posted by liquidators who would be clearing out the old inventory to make way for a Gander Mountain location stocked with "fresh stuff and the right stuff."

The Hermantown store was not the only Gander Mountain location where there was confusion Thursday. "Going out of business" signs were posted on the store in Fargo, too — a store that Lemonis also tweeted would, in fact, remain open.



St. Paul-based Gander Mountain filed for bankruptcy in March; the chain has about 160 stores.

Gander Mountain opened its first Duluth-area store in 1993; it moved to its present 65,000-square-foot location at 4275 Haines Road in Hermantown in 2005.

[Rebel SS]

Ayup...ol' Muffin Mountain is boarding it all up here in CAWchester...'bye!!! 

[Gunner55]

Kinda in your neighborhood, isn't it Reb?  We go to Sam's Club often, when we are in town.

[Rebel SS]

Ayup. Two miles straight north of me. I grocery shop at that big W place that Glenn loves so well. 

[Gunner55]

Got a niece who works for a chiropractor near the Wendy's & the old Menards in your area.

[Lee Borgersen]

Biz Buzz: Gander Mountain closing - not so fast

Today's News!

Gander Mountain is in a sea of confusion, with store closing signs up in Baxter even as there seems to be the potential for a reprieve from the new owner's Twitter account that the Baxter store could survive and be rebranded as Gander Outdoors.

So the "Going out of Business" sign on the Baxter store may not be the last word, at least not yet. Jess Myers, a spokesman for St. Paul-based Gander Mountain, previously said the bankruptcy liquidator put the signs up on all of Gander's 162 stores.

From the latest on Gander's new owner Marcus Lemonis' Twitter account, the Gander stores in St. Cloud and Bemidji are on the list of stores that won't continue. But the Hermantown, Lakeville and Forest Lake stores made the list of stores that will continue with landlord cooperation.

"If a store is missing from both lists, it means it's still in discussion," Lemonis stated on Twitter Thursday.

Lemonis said that list is not final and will be updated. But in a reply to a question on Twitter Thursday afternoon, Lemonis said the Baxter store was on the list to make it and continue as Gander Outdoors, prompting a Twitter response the Baxter team would do a great job for him.

Calls to Gander Mountain in Baxter for confirmation were referred to the St. Paul headquarters and then referred again to Myers who is handling marketing for the retailer. A message was left for Myers but he wasn't able to be reached for an update on Friday morning. When a customer asked a clerk in the Baxter store Friday if the store was remaining open, the clerk expressed relief and said yes

[Lee Borgersen]

 Gander Mountain will be getting a fresh new start,
 
        which will include a new name and new logo.

Camping World CEO Marcus Lemonis has been trickling out some of the details on Twitter, and it sounds like the outdoor retailer will now be called Gander Outdoors, but the logo is still in the works.

Lemonis is looking for help with the logo, apparently willing to pony up $25k to the person who designs best logo . . .



In response to tweets inquiring about the name change, Lemonis tweeted three reasons:



“More categories, better pricing, fresh start.”

He tweeted this just last night and already, designs have been flying in.

Here are some of his favorites so far:

[Lee Borgersen]

Gander Mountain will be getting a fresh new start,
 
        which will include a new name and new logo.

Camping World CEO Marcus Lemonis has been trickling out some of the details on Twitter, and it sounds like the outdoor retailer will now be called Gander Outdoors, but the logo is still in the works.

Lemonis is looking for help with the logo, apparently willing to pony up $25k to the person who designs best logo . . .



In response to tweets inquiring about the name change, Lemonis tweeted three reasons:



“More categories, better pricing, fresh start.”

He tweeted this just last night and already, designs have been flying in.

Here are some of his favorites so far:

Where's "Faw.Kinn'.Ae"  He needs to get in on dis right now! If he wins da dough he can donate 50% to da fishing challenge....35% to Lee & Keep 15% for himself

  You Can Do Dis Fawk!

[Fawkinnae]

I think I got it.

[Steve-o]

This?

[Lee Borgersen]

And some folks thought we here at MNO were just a bunch of no talent low class bums. Just look at what some of our own MNO in house members have created. All that and with such short notice.

                                                           

[Steve-o]

Biz Buzz: Gander Mountain closing - not so fast
Gander Mountain is in a sea of confusion, with store closing signs up in Baxter even as there seems to be the potential for a reprieve from the new owner's Twitter account that the Baxter store could survive and be rebranded as Gander Outdoors.

So the "Going out of Business" sign on the Baxter store may not be the last word, at least not yet. Jess Myers, a spokesman for St. Paul-based Gander Mountain, previously said the bankruptcy liquidator put the signs up on all of Gander's 162 stores.

From the latest on Gander's new owner Marcus Lemonis' Twitter account, the Gander stores in St. Cloud and Bemidji are on the list of stores that won't continue. But the Hermantown, Lakeville and Forest Lake stores made the list of stores that will continue with landlord cooperation.

Sounds to me like Lemonis has all those the landlords by the short hairs.  I would have thought that Gander owned their own stores, but apparently not.  And if they don't, the landlords are forced to negotiate cheaper lease deals with Camping World or risk letting the buildings go vacant.  With the trend moving away from big box store vacancy, that could be a long time.

[mike89]

interesting Steve-o

[Rebel SS]

But...does anyone really care about Gander?  Probably  NOT!   

[Steve-o]

I stopped into the great going out of business sale.  The sign outside says "Up to 30% Off," but most is at 10% or 15%.  I also suspect the liquidators are playing the game of marking everything up to the high end of MSRP and discounting from there, which doesn't always amount to real savings.  Caveat emptor.

I picked an item off a display stand that was clearly marked 15% off.  My item was not accidentally misplaced by another customer who dumped it there.  When I got to the register only a 10% discount rang up.  I pled my case to the clerk, but he didn't care what the sign said.  He literally said I could take it or leave it.  You'd think he was making a commission on the sale.  My only regret was that I couldn't leave it where I wanted to shove it.

Good luck to Camping World/Gander Outdoors if they plan on keeping any stores open in this area.  Not that they care what I or anyone else thinks because they are laughing all the way to the bank.  And if those stores fail, they'll be just as happy to fire everyone who's left and shut them down too.

[Rebel SS]

I picked an item off a display stand that was clearly marked 15% off.  My item was not accidentally misplaced by another customer who dumped it there.  When I got to the register only a 10% discount rang up.  I pled my case to the clerk, but he didn't care what the sign said.  He literally said I could take it or leave it.  You'd think he was making a commission on the sale.  My only regret was that I couldn't leave it where I wanted to shove it

And THAT is exactly why Gander Crotch never got my business, and I'll help them slide down the tube. The faster, the better. GOOD BYE, JERKS!                   

[Lee Borgersen]

         GANDER MTN.

                  I just got dis e mail today!
 
 
 
 



An Important Message to Gander Mtn. Customers from Marcus Lemonis, CEO of Camping World & Good Sam.

  ..
We are delighted to announce that Gander Mtn. is now part of the Camping World & Good Sam family following Camping World’s successful bid for certain Gander Mtn. assets in a bankruptcy auction in April. Camping  World & Good Sam is the nation’s largest network of RV-centric retail locations and the only provider of a comprehensive portfolio of services, protection plans, products, and resources for the outdoor enthusiast. At Camping World & Good Sam, we place a high value on customer satisfaction and our goal is to keep as many as 70 or more Gander Mtn. stores open following the bankruptcy liquidation process. Following the liquidation process, you’ll also see a fresh release of GanderMountain.com. By leveraging Camping World & Good Sam’s scale, operating infrastructure, and product expertise, we will be able to provide new products and services to the Gander Mtn. customer. We are very excited for the next chapter of Gander Mtn. as part of the Camping  World & Good Sam family of companies.

As part of the transaction, ownership of the Gander Mtn.’s customer database is being transferred to a Camping World & Good Sam subsidiary that will operate the new business. Camping World & Good Sam will continue to abide by the existing Gander Mtn. privacy policy. In the event that there are any significant changes to the applicable privacy practices in the future, you will have an opportunity to decide whether to opt out of or accept such changes before they are implemented.

We hope you’re as excited as we are about this new adventure and we look forward to earning your business! 

 
Marcus Lemonis,
CEO of Camping World & Good Sam.
 
 

 


This email was sent to leeborgersen from Gander Mountain
180 5th Street East, St. Paul, MN 55128
 

[Rebel SS]

That dead horse just keeps coming back....

[HD]