U.S. hunting and fishing chain Gander Mountain Co. is preparing to file for bankruptcy as early as this month, after an aggressive effort to expand its store base failed to pull in new customers, Reuters reported. Gander Mountain is working with financial advisory firm Lighthouse Management Group Inc. and law firm Fredrikson & Byron PA as it gets ready to file for bankruptcy. Gander Mountain, which bills itself as America's firearms superstore, has faced challenges capitalizing on a booming gun market. The Federal Bureau of Investigation carried out a record 27.5 million background checks on people seeking to buy guns in 2016, up 19 percent from the year before. Gander also has stiff competition from rivals like Bass Pro Shops and Cabela's Inc., which have been revamping their stores to attract customers with restaurants and shooting activities. Bass Pro agreed last year to buy Cabela's for $5.5 billion, potentially putting more pressure on Gander Mountain, though the deal has to overcome major hurdles to close, including antitrust concerns.
