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Bankruptcy May Be Your Option

Gander Mountain to close following Chapter 11 bankruptcy

As more and more consumers in Oklahoma and across the country become internet and computer savvy, they are seeking alternative ways to make purchases -- ways that often allow them to shop from the comfort of their own home. While this trend has helped internet-based companies, many brick and mortar retailers find themselves struggling as a result. Often, they are left wondering how to manage their struggling business with some turning to Chapter 11 bankruptcy for help.

One company, Gander Mountain, recently sought such protection as have several other retailers in recent history. In March 2017, Gander Mountain filed papers with the court and closed over 30 of its stores deemed as underperforming. Now, after 57 years of business, all of the company's locations are closing.

The company has announced liquidation sales and that it will be honoring gift cards until May 19. Camping World Holdings, Inc. recently acquired Gander Mountain. Representatives from the latter have announced their hope for a successful transition, claiming that both companies share the same interests.

There are many reasons why companies in Oklahoma may choose to seek Chapter 11 bankruptcy protection. For many, the decision is based on the desire to manage debt in order to ensure future success. For others, however, the decision often gives a company sufficient time to find a buyer. For those struggling with debt, a frank conversation with an attorney experienced with such filings can give them a better understanding of their options. Often, such a conversation is the first step to ensuring that debt is managed and financial obligations are met.

Source: wral.com, "Gander Mountain files bankruptcy, closing all locations", May 6, 2017

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