"NOYB" wrote
http://www.icsc.org/srch/sct/current/page138.html
In 1996 it was a public company with about 20 stores and a catalog
operation. But running both the retail and catalog outlets proved to be
too much, as did the pressure of opening new stores at a rate to satisfy
investors, said Todd Rymer, the director of real estate, who has been with
the company for 14 years. The chain filed for bankruptcy in 1997.

"Everything that you can think of probably contributed to the financial
troubles," Rymer said.

Gander Mountain's management sold the catalog operation to Sidney,
Neb.-based competitor Cabela's in 1996 for about $35 million in cash (see
story). Holiday Cos., a Bloomington, Minn.-based operator of convenience
stores, bought five of the Gander stores that year and the remainder over
the next year or so when Gander filed for bankruptcy.

Better things happened to the chain shortly thereafter. Stephen Watson,
former president of Minneapolis-based Dayton Hudson Corp. (now Target
Corp.), came on board in 1997 as CEO.


From the looks of all the ammended fillings with the SEC that they had
between 1994 and 1996 ( www.sec.gov ), it looks like they were in trouble
for a while. It kind of looks as if they were trying to hide their
problems, but kept getting caught in their annual audits. I read a little
of one of their filings - they sure knew how to make it seem like they were
doing great... even right up to the bankruptcy.

All creditors were paid off first...and the remaining money from the
buyout went to schleps like me. I got about 6 cents per share I think.

That stinks. Gander Mountain is now trading at a little over $13 a share
and was right at twice that about 6 months ago.
http://finance.yahoo.com/q?s=GMTN&d=t

Lee D

"Lee D" wrote in message
...
"NOYB" wrote
http://www.icsc.org/srch/sct/current/page138.html
In 1996 it was a public company with about 20 stores and a catalog
operation. But running both the retail and catalog outlets proved to be
too much, as did the pressure of opening new stores at a rate to satisfy
investors, said Todd Rymer, the director of real estate, who has been
with the company for 14 years. The chain filed for bankruptcy in 1997.

"Everything that you can think of probably contributed to the financial
troubles," Rymer said.

Gander Mountain's management sold the catalog operation to Sidney,
Neb.-based competitor Cabela's in 1996 for about $35 million in cash (see
story). Holiday Cos., a Bloomington, Minn.-based operator of convenience
stores, bought five of the Gander stores that year and the remainder over
the next year or so when Gander filed for bankruptcy.

Better things happened to the chain shortly thereafter. Stephen Watson,
former president of Minneapolis-based Dayton Hudson Corp. (now Target
Corp.), came on board in 1997 as CEO.


From the looks of all the ammended fillings with the SEC that they had
between 1994 and 1996 ( www.sec.gov ), it looks like they were in trouble
for a while. It kind of looks as if they were trying to hide their
problems, but kept getting caught in their annual audits. I read a little
of one of their filings - they sure knew how to make it seem like they
were doing great... even right up to the bankruptcy.


Sounds like the right attorney could make a solid case against them. They
were cooking the books before cooking the books even became popular. I'm
sure the bankruptcy settlement protects them from the lawsuits however.


That stinks. Gander Mountain is now trading at a little over $13 a share
and was right at twice that about 6 months ago.

What can I say? I was a man ahead my time. ;-)