Gander Mountain responded on Wednesday to rumors that the hunting and outdoor retailer would file for bankruptcy. Reports surfaced over the weekend that St. Paul-based Gander Mountain Co. was preparing to file for bankruptcy with a report from Reuters, which cited unnamed sources familiar with the matter.
“As a privately held company, it is our longstanding policy not to comment on our business affairs,” the statement reads. “Unfortunately, recent speculative news articles have caused concern among some of our customers, employees, and trade partners, and require us to make a rare exception.”
The statement, which didn’t specifically mention bankruptcy, goes on to say that Gander Mountain is “subject to normal economic cycles, changes in our industry and shifts in consumer demand that require us to adapt our business accordingly.”
The retailer has retained Houlihan Lokey as independent advisers. Houlihan Lokey, which has an office in Minneapolis, is a global investment bank with expertise in mergers and acquisitions, financial restructuring, valuation, and consulting.
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