Gander Mountain Co., which sells hunting, camping, fishing and other outdoor-related gear from stores across the U.S., sought chapter 11 bankruptcy protection with the goal of finding a buyer, the Wall Street Journal reported on Saturday. The St. Paul, Minn., company said on Friday that it plans to seek going-concern bids for its retail chain in the coming weeks. If multiple offers are received, it has proposed holding an auction in late April so it could ultimately close a sale by May 15. Negotiations with a potential stalking-horse bidder are under way but didn’t yield a firm bid before Friday’s chapter 11 filing, court papers say. To fund its chapter 11 case, Gander Mountain is seeking court approval of $452 million in bankruptcy financing from existing lenders led by Wells Fargo. The financing consists of new money as well as a refinancing of $390 million already owed to the lender group.
