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Gander Mountain Company filed Chapter 11 in Minnesota on March 10, 2017 with $500 million to $1 billion of assets, $500 million to $1 billion of liabilities, and 10,001 to 25,000 creditors. The outdoor retailer entered court with 160 stores in 27 states, GanderMountain.com and Overtons.com, roughly 6,500 employees, and a plan to sell going-concern assets while liquidating weaker stores. Its top unsecured creditors included Vista Outdoor Sales at $15.17 million, Pure Fishing at $4.54 million, and Ellett Brothers at $3.03 million. source filing source filing
The opening balance sheet was lender-driven: about $389.6 million of ABL debt with Wells Fargo as agent, $35 million of term debt with Pathlight as agent, $17.7 million of equipment/fixture financing, and a negotiated $425 million DIP to fund operations and repay ABL debt. The court later approved a sale of substantially all assets to CWI, Inc., setting up a liquidating plan jointly proposed by the debtors and the creditors’ committee. The January 26 order confirmed that plan, granted substantive consolidation, overruled remaining confirmation objections, and moved the cases into liquidating-trust administration for claim resolution and distributions. source filing source filing source filing
As Gander Mountain’s liquidation sales continued, customers holding outstanding gift cards were being told their balances were not valid in stores, according to Wdam. The report says affected customers were directed to the bankruptcy claims process under debtor Gander Mountain Company, case number 17-30673, with no timeline for recovery.
The practical issue is the treatment of a consumer-facing liability class during a retail wind-down: gift-card holders were losing ordinary-course redemption rights while liquidation sales were still drawing shoppers into stores. For professionals tracking the case, that points to customer-claim friction and potential consumer-relations pressure around the sale and liquidation process, not just a background retail closure story.
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