Illinois Company Wins Gander Mountain Bankruptcy Auction, More Stores To Close

LINCOLNSHIRE, IL -- An Illinois company on Monday announced it won a bankruptcy auction for Gander Mountain's assets, but it's likely that many of the gun and camping gear chain's stores will still close. Under the deal, Lincolnshire-based Camping World Holdings Inc. will assume the leases on just 17 of the remaining 160 Gander Mountain stores and has the right to assign other leases, according to the Milwaukee Journal Sentinel. Gander Mountain announced its bankruptcy in March and said it would close 32 stores.

Those closings included Illinois locations in Algonquin, Champaign and Springfield. Remaining stores in Illinois include Geneva, Joliet, Marion, O'Fallon, Peoria and Rockford.

Camping World CEO Marcus Lemonis said at least half the existing Gander Mountain stores won't survive, according to the Wall Street Journal.

Camping World bid nearly $38 million for the retailer's assets plus its boating business, Overton's, the Journal Sentinel reported. Meanwhile, a group of liquidators won the rights to sell off store inventory.

Image via Patch file