Bowling Green Gander Mountain store closes
Marcus Lemonis, the reality TV star renowned for rescuing struggling small businesses, was not able to help Bowling Green’s Gander Mountain store keep its doors open.
Although it was on the original list of Gander stores to remain open after Camping World Holdings and CEO Lemonis bought Gander out of chapter 11 bankruptcy in May, the Bowling Green Gander store has shut down.
Star of the CNBC series “The Profit,” Lemonis communicated his plans for the 162 Gander stores via Twitter. A tweet in June listed the Bowling Green store, which is adjacent to the Camping World retail outlet, as among the 70 stores Lemonis planned to keep open. A subsequent tweet narrowed the list to 57 stores and did not include the Bowling Green store, but Gander spokesman Jess Myers said in July that the list wasn’t final.
Now, the fate of the Bowling Green store and its 25 employees appears to be sealed. It had been conducting a liquidation sale as part of the bankruptcy since mid-June, but the store has not been open this week and its phone number is no longer in service.
A list of stores on Gander’s website has only 28 stores nationwide and doesn’t include the Bowling Green store, which opened in 2007.
Gander Mountain filed for chapter 11 bankruptcy in March, listing $500 million in liabilities. Lemonis appeared to be the outdoors-equipment retailer’s white knight in May, when Camping World acquired Gander and its Overton’s boating-equipment subsidiary for $38 million plus assumption of certain liabilities.
Lemonis announced plans to rebrand Gander Mountain as Gander Outdoors and keep many of the stores open, but the Bowling Green store apparently didn’t make the cut.
Calls and emails to Camping World and Gander Mountain headquarters inquiring about the future of the 65,000-square-foot local store have not been returned.
Although it doesn’t appear that the Gander franchise will make a strong comeback after bankruptcy, Lemonis and Camping World Holdings are faring well.
Lemonis took CWH public last October, raising $251 million by selling 11.4 million shares at $22 per share. At the close of trading Wednesday, CWH stock was selling at $38.51 a share. The company reported revenue of $3.5 billion and net income of $191.6 million for 2016.
Founded in Bowling Green in 1966 by the late David Garvin, Camping World operates 120 retail/service locations in 36 states and also sells products online.
– Follow business reporter Don Sergent on Twitter @BGDNbusiness or visit bgdailynews.com.