Hudson Valley Sporting Goods Store Filing For Bankruptcy
One of the nation's largest sporting goods retailers, with multiple locations in the Hudson Valley, could be headed towards bankruptcy. According to a report by Reuters, Gander Mountain chain is facing issues after a massive expansion failed to bring in enough customers to cover the cost.
With stores like Bass Pro Shops and Cabela's offering up stiff competition, there is added pressure on Gander Mountain to set themselves apart from the pack. Gander Mountain was taken private in 2010, and the expansion began just two years later. Of their approximately 160 stores, more than 50 have been built since 2012.
Gun sales are a big part of the business, they promote themselves as 'America's firearms superstore'. Their struggles come at a time when gun sales have increased dramatically. The FBI reports more than 27 million background checks were conducted last year, an increase of 19% over the previous year.
Recent months have been unkind to retailers in the sporting goods industry. Gander Mountain would be the fifth to file for bankruptcy in the last year. They currently have outstanding loans of $25, $30 and $500 million.