Report: Gander Mountain preparing to file for bankruptcy

Outdoor retailer Gander Mountain is readying to file for bankruptcy, according to a report from Reuters.

The chain opened a store in 2014 in Lake Worth and has other North Texas stores, including Arlington, Frisco, Mesquite and Lewisville.

Reuters reports the Minnesota-based chain has faced tough competition from other outdoor chains, such as Cabela’s and Bass Pro Shop. In October, Bass Pro announced its plans to acquire Cabela’s for $5.5 billion, but the deal has hit a few snags.

Gander Mountain also tried to rapidly expand the number of its stores, opening more than 50 in the last five years.

The chain currently has 22 stores in Texas and has more than 160 stores nationwide. The chain just opened stores in Frisco and Lansing, Mich., at the beginning of October.

Citing its sources, Reuters reports the chain could file as soon as this month.

Company spokesman Jess Myers told the Minneapolis Star Tribune on Saturday that company officials don’t have a statement to offer.

“They’ve taken a vow of silence,” he said.

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This story was originally published February 14, 2017 at 5:24 PM with the headline "Report: Gander Mountain preparing to file for bankruptcy."