Gander Mountain gets court approval for $37.75 million sale of assets

By Caroline Salls

Pittsburgh, May 4 – Gander Mountain Co. and Overton’s, Inc. received court approval to sell some of their assets to Camping World Holdings, Inc. for a total purchase price of $37.75 million, according to an order filed Thursday with the U.S. Bankruptcy Court for the District of Minnesota.

Under its winning bid, Camping World will purchase the Overton’s inventory for an amount equal to cost, which as of the date of the auction was $15.6 million, plus $22.15 million for other assets, such as the right to designate any real estate leases for assignment to Camping World or other third parties, other agreements Camping World elects to assume, intellectual property rights, operating systems and platforms, distribution center equipment, the Gander Mountain and Overton’s ecommerce business and fixtures and equipment for Overton’s retail and corporate operations.

Camping World will also assume cure costs for leases and other agreements it elects to assume, accrued time off for employees retained by Camping World and retention bonuses payable to specified key Gander Mountain employees.

As previously reported, Gander Mountain will also conduct liquidation sales at substantially all of its existing stores.

Gander is a Saint Paul, Minn.-based retail network of stores for hunting, fishing, boating, camping, marine and outdoor lifestyle products and services. The company filed for bankruptcy on March 10 under Chapter 11 case number 17-30673.

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