SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event
reported): October 30, 1996
GANDER MOUNTAIN, INC.
(Exact name of registrant as specified in its charter)
Wisconsin 0-14579 39-1742710
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification
incorporation) No.)
P.O. Box 128, Highway W
Wilmot, Wisconsin 53192
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area
code: (414) 862-2331
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Item 5. Other Events.
On October 30, 1996, the Company issued a press
release concerning an agreement in principle to sell
all of its assets to Holiday Companies, a privately
held Minnesota based retailer. A copy of the press
release is attached as Exhibit 99.1 hereto.
Item 7. Financial Statements and Exhibits
(c) Exhibits
99.1 Press Release issued by the Company on
October 30, 1996
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SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the Registrant has duly caused
this Report to be signed on its behalf by the
undersigned hereunto duly authorized.
Dated: November 7, 1996 GANDER MOUNTAIN, INC.
/s/ Kenneth J. Guerrini
By:__________________________
Kenneth J. Guerrini,
General Controler
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EXHIBIT INDEX
Exhibit No. Description
99.1 Press Release
AT THE COMPANY: AT HOLIDAY:
Kenneth C. Bloom Robert S. Nye
Executive VP/Chief VP Human Resources
Financial Officer
(414) 862-3302 (612) 830-8737
FOR IMMEDIATE RELEASE
GANDER MOUNTAIN TO SELL REMAINING TWELVE STORES
TO HOLIDAY COMPANIES
Wilmot, Wisconsin, October 30, 1996 -- Gander
Mountain, Inc., a leading marketer of outdoor sporting
goods, today announced that it has arrived at an
agreement in principle to sell all of its assets,
including its remaining twelve retail stores, to
Holiday Companies, a privately-held Bloomington,
Minnesota based retailer and wholesaler of outdoor and
other sporting goods as well as gasoline and food
products. Gander Mountain has been in Chapter 11
bankruptcy since August 9, 1996. The agreement in
principle contemplates that Holiday Companies would
assume all secured debt, administrative expenses of the
bankruptcy (including post-petition liabilities),
priority claims and pay $19.5 million, to be allocated
$18.5 million to unsecured creditors, $0.5 million to
preferred stockholders and $0.5 million to common
stockholders. The economic terms of the agreement have
been approved by the Unsecured Creditors' Committee in
the bankruptcy case and are to be incorporated in a
plan of reorganization.
Under terms of the agreement, Holiday Companies
will acquire Gander Mountain's five stores in Wisconsin
(Appleton, Brookfield, Madison, Wausau and Wilmot), six
stores in Michigan (Flint, Grand Rapids, Pontiac,
Saginaw, Taylor and Utica), and one store in Indiana
(Merrillville). The acquisition includes the purchase
of inventory, store fixtures and leasehold improvements
and the assumption of existing leases for the
facilities. Holiday plans to continue to operate the
stores under the Gander Mountain name. Holiday intends
to hire as many of the existing Gander Mountain
employees as possible.
With this acquisition, Holiday's outdoor sporting
goods group will have twenty-seven (27) retail stores
in four states. In July, 1996, Holiday acquired five
stores from Gander Mountain which included three stores
in Minnesota (Duluth, Maple Grove and St. Cloud) and
two stores in Wisconsin (Eau Claire and LaCrosse).
Holiday will continue to operate these stores under the
Gander Mountain names.
Holiday also owns and operates five Holiday Sports
stores in Minnesota (Bloomington, Brooklyn Park,
Burnsville, Fridley and Plymouth) and five Burger
Brothers Outdoor Outfitters stores in Minnesota
(Bloomington, Minnetonka, Roseville, Rochester and
Woodbury).
A spokesperson for Holiday Companies said, "We are
pleased to have reached this agreement in principle
with Gander Mountain. We believe that combining the
operating and financial strengths of Holiday Companies
with the Gander Mountain specialty retail concept will
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produce a successful, growing market-leading retailer
serving the hunting, fishing and camping enthusiast."
Consummation of the transaction is subject to a
number of contingencies, including negotiation of a
definitive asset purchase agreement and plan of
reorganization and approval of the plan by creditors,
preferred stockholders and the bankruptcy court.
