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Gander Mountain Begins Liquidation Process

Gander Mountain Begins Liquidation Process

The outdoor products retailer is looking to sell hundreds of millions of dollars of merchandise.

Editor's note: The original story stated that the value of Gander Mountain's merchandise was $800 million. Gander Mountain's new owner, Marcus Lemonis, disputed that figure, which was put out by Tiger Capital Group and other consultants overseeing the liquidation process. He said the figure is approximately $330 million.
Gander Mountain began liquidating its merchandise on Thursday in an attempt to recoup costs from hundreds of millions of dollars worth of product.
 
Prices on apparel and accessories from brands like The North Face and Under Armour have dropped from 30 to 50 percent, while hunting, archery, footwear, camping, fishing and boating supplies are down 20 to 50 percent.
 
“Everything must be sold during this total liquidation event,” the St. Paul-based company said in a release, including fixtures and furniture at its 126 stores.
 
After Gander Mountain declared bankruptcy earlier this year, the company’s brand and assets were sold for about $38 million to Marcus Lemonis, the CEO of Camping World and Good Sam Enterprises. Lemonis is also the star of The Profit, a reality show on CNBC about helping struggling businesses.
 
Though no decision has been formally made, Lemonis hinted on Twitter that the company could relocate its headquarters from St. Paul in order to cut costs.
 
Gander Mountain’s name won’t be saved following liquidation. Instead, to align it with Lemonis’s other companies (which will have shelf space in the stores), Gander Mountain will be rebranded as Gander Outdoors.
 
Lemonis tweeted an updated list of stores that will remain open after the rebrand. Altogether, 60 made the cut, although that is subject to change.
 
Gander’s presence in Minnesota is set to shrink significantly based on the list. Eight of Gander’s 12 local shops will be shuttered, leaving only the Baxter, Forest Lake, Hermantown (Duluth) and Lakeville locations open.