Gander Mountain's financial woes ....

JONOV

Old Mossy Horns
double said:
Actually you would be surprised. Lots of stores operate well directly beside their competitors. More people come to the area looking for your product if they can get it in more than one place. It is the reason most restaurants are all in the same area also most car dealerships in a given city will be in very close proximity.
Click to expand...
Yep...Even a shopping mall is somewhat concentrated like that. You have teen clothing stores somewhat clustered, you have Athletic shoe stores somewhat clustered, adult clothing somewhat clustered, etc...

hawkman said:
I will add, that on that first, visit, I asked "Do you have a catalog?" She said they did not. If I recall correctly, they had sold their catalog business to Cabelas and in that, agreed to only have a brick-and-mortar retail.

What changed was when GM bought Overton's in Greenville, NC. By purchasing a company with its own online and catalog business, they were back in. I was initially excited about O's becoming a GM nearby, but they kept their Overtons as is.
Click to expand...
I wonder how much that hurt them in the long run. Growing up, If I wanted to order something, it was Cabelas or BPS. It turns out that GM went through bankruptcy in the early 1990's and sold their catalog business, as you said, with a no compete clause. As late as the 2000's, when most people were ordering through websites, they didn't have a website til 2008, after they bought Overtons. WAY late to that game.

45/70 hunter said:
Gander in North Raleigh did it to themselves. Arrogant attitudes IF you could even talk to someone.
Click to expand...
I agree. Contrary to everyone else's experience I've always had great service at the Morrisville location. North Raleigh? Its the worst.
 

JONOV

Old Mossy Horns
Homebrewale said:
But it appears the Morrisville (Cary) store is the one closing, not the North Raleigh one.
Click to expand...

I've actually seen either one listed as the store closing. So I really don't know. It could be that the real estate in Morrisville is more valuable to sell off in the bankruptcy.
 
Mr.Gadget

Mr.Gadget

Old Mossy Horns
JONOV said:
I've actually seen either one listed as the store closing. So I really don't know. It could be that the real estate in Morrisville is more valuable to sell off in the bankruptcy.
Click to expand...

They dont own from what I know.
they lease. Only value is stock and store display stuff.
 
stiab

stiab

Twelve Pointer
Contributor
JONOV said:
It could be that the real estate in Morrisville is more valuable to sell off in the bankruptcy.
Click to expand...
Gadget is right, they don't own the space on Capital Blvd. Couple years ago it was a Best Buy, which moved down the street, and GM moved in.
 
pir8rn

pir8rn

Six Pointer
Any update on this? Both Raleigh stores closing? Anybody been by the 'going out of business' sales? Are they over?
Main GM webpage says all stores are going out of business...
 
Last edited:

Homebrewale

Old Mossy Horns
pir8rn said:
Any update on this? Both Raleigh stores closing? Anybody been by the 'going out of business' sales? Are they over?
Main GM webpage says all stores are going out of business...
Click to expand...

I drove by the one in Morrisville last weekend and saw a big going out of business sign. I only saw it from a distance so I can't say if the sale is finished yet.
 
41magnum

41magnum

Twelve Pointer
Weren't they bought by Camping World?
Marcus Lemonis could possibly straighten them out AFTER closing some.
 
spinnerbaitor48

spinnerbaitor48

Twelve Pointer
Contributor
well, at least I did get a little heritage rough rider 22 pistol from them for $119.....their prices always did suck...could pick up a shirt here and there for a decent price, but otherwise......
 
stiab

stiab

Twelve Pointer
Contributor
Was in the Greensboro store today, big sign out front, every thing from 10 to 30 % off. Pretty crowded compared to regular Saturday. My granddaughter is really disappointed.
 
aya28ga

aya28ga

Old Mossy Horns
Contributor
Not a great surprise about GM closing its doors. Every time I ever set foot in the store on Capital Blvd in Raleigh it was darn near empty of customers and the customer service was terrible, especially in the firearms section.
 
Pirate96

Pirate96

Twelve Pointer
They are not closing all the stores. They will keep a Gander Mountain store if they can be profitable after ensuring $12.00 per hour for the store associates.

Basically Lemonis is going to beat up on the landlords for rent concessions and then up the quality and selection of merchandise for the ones that remain open.

Obviously he felt that Gander had poor merchandise and overpaid in rent. A liquidation company bought the inventory, which is why you see the sales, and Camping World bought the IP and store leases.

The real winner in the Gander Mountain purchase is Overton's.

Supposedly he is going to open at least 8 new Overton's and the first may be Richmond, VA.
 

Mallard Cutter

Six Pointer
Beating up the landlords may not work in this day and age. Main thing is if they don't come off the prices of the things they have the other big box stores will eat their lunch.
 
Jlewis74

Jlewis74

Old Mossy Horns
Mallard Cutter said:
Beating up the landlords may not work in this day and age. Main thing is if they don't come off the prices of the things they have the other big box stores will eat their lunch.
Click to expand...

That is why the new owners did not buy the current stock. They are planning on working out better deals from their suppliers so than can complete with BPS and Cabelas.
 
Mr.Gadget

Mr.Gadget

Old Mossy Horns
Anything on the N Raleigh store?

Anyone been to a store yet that is cutting prices and selling off stock?

Word from somone close to the N Raleigh store no real changes or any real sales.
 
Last edited:
Pirate96

Pirate96

Twelve Pointer
Mr.Gadget said:
Anything on the N Raleigh store?

Anyone been to a store yet that is cutting prices and selling off stock?

Word from somone close to the N Raleigh store no real changes or any real sales.
Click to expand...

The current inventory was purchased by liquidators. They are selling all inventory and set the prices. They even have control of the Gander Mountain website until a certain date.

That is why you see the "closing" sales and mentions.

The best way to see what store will remain is via the following twitter link.


https://twitter.com/marcuslemonis


So far nothing on the Raleigh store. I guess the landlord has not reduced the rent yet enough to make it profitable.
 
Last edited:

downeastnc

Old Mossy Horns
Pirate96 said:
They are not closing all the stores. They will keep a Gander Mountain store if they can be profitable after ensuring $12.00 per hour for the store associates.

Basically Lemonis is going to beat up on the landlords for rent concessions and then up the quality and selection of merchandise for the ones that remain open.

Obviously he felt that Gander had poor merchandise and overpaid in rent. A liquidation company bought the inventory, which is why you see the sales, and Camping World bought the IP and store leases.

The real winner in the Gander Mountain purchase is Overton's.

Supposedly he is going to open at least 8 new Overton's and the first may be Richmond, VA.
Click to expand...

I was wondering what was going to happen with the Overtons brand now. I worked for Parker for 7 years until he sold the company to some private equity firm back in I wanna say 2003ish who proceeded to cut pay especially for us in the technical dept, I didn't last 6 months with the new owners, if Parker had kept it I would still be there....I loved that job.
 
Sharps40

Sharps40

Old Mossy Horns
Not sure I'm tracking with "beat up landlords to lower rent".....shouldn't the Renter have negotiated a deal they could live with in the first place? Or at least been wiser and suspecting that paying high rent and having so many stores stuffed with over priced goods would likely lead to a failure?

I don't see it, ain't the landlords fault they priced themselves too high for the working joe. Heck, you can only have so many LLBeans charging $80 for a red and black flannel shirt.....after that one customer buys the shirt, the market is likely close to saturated.....
 
Pirate96

Pirate96

Twelve Pointer
Sharps40 said:
Not sure I'm tracking with "beat up landlords to lower rent".....shouldn't the Renter have negotiated a deal they could live with in the first place? Or at least been wiser and suspecting that paying high rent and having so many stores stuffed with over priced goods would likely lead to a failure?

I don't see it, ain't the landlords fault they priced themselves too high for the working joe. Heck, you can only have so many LLBeans charging $80 for a red and black flannel shirt.....after that one customer buys the shirt, the market is likely close to saturated.....
Click to expand...


You are exactly correct. It appears the overpriced inventory and high lease costs caused them to declare bankruptcy.


Camping World bought the IP and leases to all stores Gander Mountain stores plus Overton's.

In the case of Overton's it appears expansion is in the plans.

In regards to Gander Mountain there will be better inventory and if the store can show a path to profitability after paying associates a minimum of $12.00 that location it will re-open.

The Landlord and the tenant (now camping World) are going to negotiate a new lease if they re-open. If they do not I would assume the tenant will terminate the lease according to the terms.

To speak to your red and black flannel shirt motif. Brick and Mortar stores are failing and the landlords do not have a lot of options for replacements for the Gander Mountain stores.

Some will offer better terms to the tenant and some will stay firm. Most likely if Gander Mountain vacates it will remain vacant for years.
 
ThrillofDaChase

ThrillofDaChase

Ten Pointer
Even the liquidation prices are high. Went to the Capital Blvd store yesterday and really didn't think there were any great deals to be had. Briefly discussed that thought with a fellow shopper and he concurred.
 
NCST8GUY

NCST8GUY

Frozen H20 Guy
it would be very interesting if even the "liquidation" sales didn't move products. I think that would send a very valuable lesson. Especially to the liquidation company that took over.
 

GSOHunter

Twelve Pointer
Contributor
Sharps40 said:
Not sure I'm tracking with "beat up landlords to lower rent".....shouldn't the Renter have negotiated a deal they could live with in the first place? Or at least been wiser and suspecting that paying high rent and having so many stores stuffed with over priced goods would likely lead to a failure?

I don't see it, ain't the landlords fault they priced themselves too high for the working joe. Heck, you can only have so many LLBeans charging $80 for a red and black flannel shirt.....after that one customer buys the shirt, the market is likely close to saturated.....
Click to expand...
The company filed for bankruptcy and someone else has taken them over. The landlord has two options. Less rent or an empty non-paying massive building that is going to require a ton of construction.
 
Mr.Gadget

Mr.Gadget

Old Mossy Horns
ThrillofDaChase said:
In my opinion, 10-30% off is not a liquidation sale. Just my 2 cents.
Click to expand...

No but having worked around some liquidation sales there are a lot of stuff that come onto play.
Does the store need to sell it all or another place to market it.
What is the time frame, do they have days, weeks or months.
What stuff is the hardest to sell, mark it down more or first. Other stuff will be got at better prices if you save money on something you want.
Mark up to full price and start with 10 to 20% off on stuff you must or want to move first. People buy based on % off not just good deals.

So who knows. They may do the sale on their own or have a 2nd or 3 rd party handle it.
 

Mallard Cutter

Six Pointer
Not wasting my time any more with that overpriced joint. I could care less if they are bankrupt or not. If they couldn't figure out that store traffic sales had crawled to a stop then they shouldn't be in business anyway. I hope all the employees find better jobs soon.
 
Mr.Gadget

Mr.Gadget

Old Mossy Horns
Mallard Cutter said:
Not wasting my time any more with that overpriced joint. I could care less if they are bankrupt or not. If they couldn't figure out that store traffic sales had crawled to a stop then they shouldn't be in business anyway. I hope all the employees find better jobs soon.
Click to expand...
See, im on the other side of the fence on that.

New owners, new deals, new path.

I will head back. Never know with a new business plan they could come back just as strong or stronger than any other store.

Wonder how many here that stated they are happy it is closing, would never go back will be first in line to get deals when they reopen......?
 
You must log in or register to reply here.
Top