As Gander Mountain is announcing liquidation sales at all 126 of its locations nationwide, its new owner has been taking to Twitter this weekend to talk about details of these going-out-of-business sales, which stores might survive, and what this means for employees.
New information is emerging with each tweet, but here's what we know so far:
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From Chapter 11 to liquidation in weeks
After announcing in March that it was filing for Chapter 11 bankruptcy, Gander Mountain initially said it planned to close 32 under-performing stores across the U.S., and that none in Michigan would be affected.
When Gander Mountain didn't find a buyer, it moved to bankruptcy auction.
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A new owner annouced
Camping World is the U.S.'s largest group of RV-centric retail outlets.
Its owner and CEO, Marcus Lemonis, said Camping World bought Gander Mountain's brand and assets, and the right to all its leases. But it did not buy the current inventory in the stores.
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Liquidation sales
Camping World has said a separate group of liquidators won the right to sell off all the current Gander Mountain inventory. Liquidation sales are being held in all the stores:
"Simultaneously, a group of liquidators was chosen as the winning bidder to be retained as the agent for Gander Mountain to conduct liquidation sales at substantially all of Gander Mountain's existing stores," the company said in a statement.
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If you have a Gander Mountain gift card, use it fast.
The retailer's website says they will be accepted only until May 18
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All sales are final
As it liquidates its inventory, expect to find some good deals. But know that all sales are final.
From Gander Mountain's website: "All sales final. No refunds, no exchanges or adjustments for prior purchases. We accept cash, Visa, MasterCard, Discover, and American Express Cards. Not all items in all stores. Inventory is limited to stock on hand. These stores are not participating in current circulars."
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Will any Michigan stores stay open?
For the last few days, people have been peppering Camping World's Marcus Lemonis with questions about which Gander Mountain stores might stay open. He posted a video Sunday, May 7, saying he'd like to keep about 70 of the stores open as Gander Mountains, perhaps adding a small Camping World section to them.
Those decisions ultimately depending on the buildings' landlords and the rent. "I will not be picking stores that don't have a clear path to profitability," he said.
Here's what he's said about the Michigan stores:
The store will remain in Lansing @GanderMtn https://t.co/0A5gdlkW7Q
— Marcus Lemonis (@marcuslemonis) May 7, 2017
I feel good about it and would say we are close https://t.co/lLIaOqWs5u
— Marcus Lemonis (@marcuslemonis) May 7, 2017
Grand Rapids and Flint
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Why Gander Mountain failed
Lemonis said Gander Mountain failed because it "made some giant inventory mistakes."
He said it had good inventory, but it simply bought too much.
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Employees are the "heart and soul"
In a video posted to Twitter, Lemonis said he realizes Gander Mountain's employees are the "heart and soul" of the company.
"I hear you, and I am doing the best I can to keep this moving," he said of the information coming out on the closures.
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Lemonis's goal for the transition
Lemonis said his goals for the transition are two-fold:
1. See the business survive and thrive
2. Take care of the people who work there.
How to get updates on the store closest to you
Lemonis said he knows it is "unorthodox" to release bits of information about which stores will remain open and which will likely close via Twitter.
But he asks that people follow him on social media to see what will happen as some of the Gander Mountain stores stay alive via the deal with Camping World.
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