The company said the underperforming locations that are closing will begin their shutdown process in the next several weeks.
According to a list published by TwinCities.com, the Germantown location is one of two Wisconsin stores to close. The company is now headquartered in Saint Paul, Minnesota and once had 162 stores and over 5,600 employees. It voluntarily filed for federal Chapter 11 bankruptcy protection to help sell it and its subsidiaries. Bass Pro Shops could possibly bid to buy Gander Mountain in hopes of expanding.
Like MC Sports and other struggling retailers, Gander Mountain said it has struggled in the face of increased online shopping and direct-to-consumer sales. It went on to say that the financial impact from stores that it considers "underperforming" is part of what kept the business from creating a sustainable future.
The Minnesota-based company now operates more than 160 stores, 50 of which opened within the last five years, in 26 states.
Company officials said the bankruptcy filing is planned to maximize the chances of selling the company.
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Europe's largest coatings company rejected PPG's unsolicited 20.9 billion euro takeover bid, saying it undervalued the company. In any case, the expected synergies from a combination would be compromised by antitrust demands, he added.
The company said Friday it expects to conduct normal business operations during its restructuring.
Employee pay, benefits and retirement accounts will remain in place, the statement said.
All stores will continue to honor gift cards, Myers said. Three Gander Mountain stores in Minnesota will be closing - Woodbury, Rogers and Mankato.
Mark Pesto is a reporter for The Tribune-Democrat.