Gander/Overtons Files for Bankruptcy

[east tx skier]

That's too bad. I've mostly liked the Overton's gloves, but I can't say I've shopped for anything else there in a long time.

 

 

[Texas6]

Damn; what a shame. I'm sure that was hard to watch if you are an Overton, regardless of how well it may have treated you.

[ALPJr]

Does that mean closing?

[Texas6]

Not necessarily, no. But it's not good

[Horton]

If I had to guess Parker Overton will be just fine.

[Texas6]

We agree @Horton, I get it. Just saying it has to suck watching somebody run your baby into the ground

[thager]

Has been nothing worth buying since Parker sold it.

[Horton]

@texas6 Again, my guess is Parker laughed all the way to the bank

[Texas6]

Well, they definitely got paid on the acquisition, won't argue that

[Texas6]

It would be like selling BOS only to watch the plug pulled on the site a few years later. I know whether you got paid or not, it would be hard to watch. Shit, maybe I'm alone in this thought process

[thager]

I would give @Horton a $1.

[Bruce_Butterfield]

Dang @thager...you're generous today!

[thager]

@Bruce_Butterfield Yep. cuz i'm tighter than a frogs bottom!

[gregy]

They put a Gander Mountain in near me in the same space another similar store had gone out of business a couple years early. I thought it was kind of a dumb move. Several month ago I went in to look for something for my trailer and they had a storewide clearance going on. I bought some mooring ropes that were on clearance. It looked to like they might have getting ready to close the store. I bought a few things online over the last few years but most of the time you can find it cheaper other places.

[RazorRoss3]

Based on the size of the companies I would bet they get bought out. Brick and mortar anything is consolidating these days because the internet is convenient and cheap but the bigger the brick and mortars get the more they can be price competitive so someone will likely try to take advantage of the misfortune to positively effect their own scale and placement.

[UWSkier]

I was reading an interesting analysis in Fortune recently about how the mall explosion in the USA was largely driven by the idea of putting an anchor tenant into each location. These anchor tenants were typically large department stores. Many of these are failing these days.

 

I wonder if the Ganders, et al have ever considered taking over some of these retail locations. Think about all the guys who get dragged to the mall by their wives and could say "ooh, there's a Gander there! OK honey!"

[DW]

@UWSkier : Hasn't Bass Pro used that model? They appear to be successful so far.

[Horton]

@thager believe it or not somebody tried to buy BallOfSpray last year. The final offer was more than a dollar but I just couldn't live without you so I didn't sell.

[bigskieridaho]

It is sad, but they really haven't been the same since and I can't even remember the last time I actually bought something from them. Other shops are so much better now.

[UWSkier]

@DW have they? Around us all the Bass Pro Shops are standalone locations, but there's often a mall within a mile or so.

[DW]

@UWSkier : I have seen several in mall locations, along with the standalone stores.

 

A bit sad to see Overton's potentially go, I remember also Ski Limited which is gone. Changing of the landscape.

[LeonL]

I've seen several new Cabella's over the past 2-3 years. I think Overton's has never been the same since Parker sold out.

[thager]

@Horton Next time you bust out a whopper could you please warn me? I didn't have time to put on my boots!

[Horton]

@thager ok you are right. I would not miss you. I just can't face getting a real job ever again.

[pumpinpete]

Kinda sad. I bought heaps of gear and boat bits from Overtons in the 90's. They were great then. One of first major players as I recall in water sports gear online sales. I remember fitting out two outboard boats with ski accessories 95/96 and 99 then - 2000 off to buy wifey new KD 3000 -Monday morning local ski shop southern Sydney was 850aud. Got online Overtons 550aud Monday afternoon delivered my door in Australia Friday 11:00am They were unreal then- they gave me access to almost everything I desired /needed ( in a nautical way). Now I would go to Wiley's or Performance both of which offer great service and sharp prices.

[MattP]

I would not count them out as doors closed as of yet. The retail landscape is in a bit of a flux. Bass Pro has recently bought Cabella's for 4.5B. Wal-Mart has been gobbling up online retailers moosejaw.com (51M), jet.com (3B) and Shoebuy.com (70M). Dick's Sporting goods bought some of Sports Authority's assets last year. TJX owns sierratradingpost.com.

I would say a restructure after the closing of the underperforming Gandar Mtn. stores could happen to keep the company viable for a little longer. They could be acquired and live on as an independent name or swallowed up. The Overton's brand name could be sold off. It still carries some weight in the watersports community. Hmm I wonder if CC has an eye one it to add to their diversified portfolio. Time will tell.

[Wish]

Well, just in case it doesn't swing the way of staying open, my daughter and myself headed over to our local Gander to eat up some pre-payed live range time just in case. Wish she had stuck with slalom but she enjoys shooting sports to much. She kicked my butt tonight and this past Saturday, she won Gold in the conference championships for archery. She's sweet but lethal. Thinkn Gander will get a few more $$s out of my pocket before closing shop.

.

 

 

 

 

[Wish]

@bananaron yes yes and sorta.

[MattP]

Overton's lives on. See article below.

 

 

The largest U.S. chain dedicated to recreational vehicles and a group of liquidations have come together to thrown a lifeline of sorts to outdoor retailer Gander Mountain.

 

Camping World Holdings was chosen as the winning bidder at a bankruptcy auction for certain assets of Gander Mountain and its Overton’s boating business. Under the terms of the deal, Camping World, which is run by Marcus Lemonis, the host of CNBC TV's reality show "The Profit,” is obligated to run 17 of Gander Mountain’s 160 stores as a going concern. However, Lemonis told The Wall Street Journal he might keep as many as 70 stores open depending on if he can work out the right deals with landlords.

 

The Camping World consortium, which includes Gordon Brothers Group LLC and Hilco Merchant Resources LLC, bested a going-concern bid from Gander rival Sportsman’s Warehouse. The group also won all of Gander Mountain's intellectual property. The value of the winning bid was about $390, according to reports.

 

“The Gander Mountain and Overton customer and their affinity to the outdoor lifestyle are the perfect complement to our Camping World business,” said Lemonis, who serves as chairman and CEO of Camping World, which operates over 125 locations. “The structure of our deal provides much flexibility and will not only allow us to refine the inventory selection and select only those stores which are profitable or we believe have a clear path to profitability, but will also allow us to immediately offer our comprehensive portfolio of services, protection plans, products and resources to the existing Gander Mountain and Overton customer base and in stores in which we elect to operate.”

 

Gander Mountain filed for Chapter 11 in March, saying it planned to close underperforming stores and sell itself. As part of its bankruptcy proceedings, 32 of its 160 location s are in the process of being liquidated.

 

“The liquidation of the existing Gander Mountain inventory will allow us to start with a clean slate of what we consider the appropriate mix and level of inventory, including the addition of Camping World and Overton offerings where appropriate, and our lease designation rights will allow us to select only those stores in appropriate locations with appropriate cost structures,” Lemonis said.

 

Added Camping World COO Brent Moody: “Camping World’s plan is to immediately right size the inventory and operate only in retail locations with occupancy costs that we believe support profitable operations, with an extreme focus on corporate overhead and expenses, consistent with our other operating segments.”

 

Source

[Wish]

Guess they are not gonna have any stores open any more. Bummer. This is all there is for their web site:

 

.

 

[MISkier]

I ordered some gloves from Overtons a couple of days ago. Bought a lot from them over the years. Hope they continue some operations.

[Mateo_Vargas]

Guess they're really going to be living outdoors now.

 

 

[UWSkier]

Gift cards accepted until 5/18. If you have Gander gift gards, use 'em up.

[oldjeep]

@Wish sort of. Camping world bought the business and leases but not the inventory. All locations are liquidating but some will open again. Big sign up on local gander mountain, need to get over ther next week for some cheap guest jackets and maybe a new boom stick.

[DW]

I found it odd that Overtons was the sponsor on one of the Cup cars for the Kansas race, until realizing it is part of Camping World which is the title sponsor of the AA series (Camping World Trucks). I still found promoting Overtons in Kansas to be weird, not exactly the lake or water sports capital of the US.

[Jody_Seal]

@DW did you know the US 3event Nationals will be in Kansas in 2018?

[DW]

No, did not. How the marketers will link the sponsorship on a Cup car to Nats will be interesting. It was interesting and cool to see it, which I should have noted and perhaps more to come.

[sunvalleylaw]

Just got an email saying my information in the customer database has been transferred to Camping World/Good Sam's. And that they will abide by the former Overton's privacy policy, whatever that said. I never read it in the first place. Feels kinda funny. Not sure if I relate to that Good Sam guy on the sticker with the halo. Normally I am cursing at the back of some camper or trailer with a Good Sam club sticker, as I wait to get up to the top of whatever pass.

[LeonL]

Like @sunvalleylaw I just got an email saying that Camping World / Good Sam now owns Overton's. Their retail stores in Greenville and Raleigh will remain open as will Overton's.com.

[ForrestGump]

Good ol Parker got out while the getting was good. If he fell off his wallet, it'd take him 15 minutes to hit the floor.

[A_B]

A few others went by the wayside. Sarvis was the first place I ever ordered from. Got my EP Compx2 from them. And Ski Limited use to be a frequent order from me back in the day.

[sunvalleylaw]

Was thinking that this is as good a reason as any to get used to ordering from places like @perfski who support the forum.

 

And of course brick and mortar stores when I am around them.

[Mateo_Vargas]

Neat to see the Overton’s logo on the field at the Citrus Bowl.

 

[LeonL]

I'm not a business major, but if you're filing for bankruptcy, how do you justify spending the bucks to be the title sponsor of a bowl game? That obviously advertising, but you'd think your creditors would be skeptical of that kind of expenditure as well as the bankruptcy court.

[Kelvin]

@Leonl Overton's is not part of Camping World. The Gander Mountain creditors and bankruptcy court have nothing to do with it.

[liquid d]

The contracts get signed long before the game comes around anyway....

[Orlando76]

What exactly is the Citrus Bowl now?

[LeonL]

Ok, I guess I get it, but @Kelvin what does Camping World have to do with any of this?

[ForrestGump]

Camping World was the stalking horse bidder who won the purchase of Overton's assets(as well as a small subset of Gander's assets and intellectual property) in the bankruptcy. That game is also played in Camping World Stadium. Camping World is hedging their bets and buying themselves visibility for their new brand.

[DW]

There was also a lot of Overtons promotional marketing in NASCAR via the Camping World sponsorship of a particular team and some events.