The largest U.S. recreational vehicle dealer, Camping World Holdings Inc, and a group of liquidators won a bankruptcy auction for sporting goods retailer Gander Mountain Co last Friday, according to a bankruptcy court filing. The value of the winning bid was about $390 million, according to reports.
The Camping World-led group bested a going-concern bid for Gander Mountain from rival Sportsman’s Warehouse Holdings Inc. Camping World plans to operate at least 17 Gander Mountain stores as a going concern, the sources said. An auction for Gander Mountain’s remaining more than 100 leases will be held later.
The consortium also won all of Gander Mountain’s intellectual property and its Overton’s boating business.
Gander Mountain filed for bankruptcy in March with a plan to quickly sell itself after struggling with excess inventory and seeing its approximately 160 stores underperform. It listed assets and liabilities each worth up to $1 billion.
Camping World, which has 120 R.V. SuperCenters across the U.S., raised $251 million last fall in an initial public offering.
Camping World sees synergies between its business, Gander Mountain and Overton’s.