Gander Mountain and certain of its subsidiaries have filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code to maximize the opportunity to achieve a “going-concern” sale of its business.

Gander Mountain is in active discussions with a number of parties interested in a going-concern sale and expects to solicit bids prior to an auction to be held in late April 2017. The company expects to submit the winning bid to the bankruptcy court for approval in early May and anticipates a closing of the sale by May 15.

The company has obtained a committed debtor-in-possession financing facility underwritten by Wells Fargo. Subject to court approval, this DIP financing, combined with cash from operations, is expected to provide sufficient liquidity to support the company’s continuing business operations and to minimize any disruption during the reorganization process. The company generally expects to conduct normal business operations during the pendency of its restructuring.

Gander Mountain’s advisors in the restructuring are Houlihan Lokey Capital as financial advisor and investment banker, Lighthouse Management Group as chief restructuring officer and Fredrikson & Byron as legal advisors.

Gander Mountain is a fully integrated Omni-Channel retailer dedicated to servicing the hunting, camping, fishing, shooting sports and outdoor products markets.