Gander/Overtons Files for Bankruptcy

east tx skiereast tx skier Posts: 588 Solid Baller
edited March 2017 in Other Stuff
That's too bad. I've mostly liked the Overton's gloves, but I can't say I've shopped for anything else there in a long time.

Perpetual Longline Baller. Tyler Ski Club, Tyler, Texas.
My real name is in my profile.

www.tylerskiclub.com
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Comments

  • Texas6Texas6 Posts: 2,115
    Damn; what a shame. I'm sure that was hard to watch if you are an Overton, regardless of how well it may have treated you.
    Daryn Dean - Lakes of Katy, TX
    ***Robbed out of Hundreds of Panda Worthy Posts***
  • ALPJrALPJr Posts: 1,351 Crazy Baller
    Does that mean closing?
  • Texas6Texas6 Posts: 2,115
    Not necessarily, no. But it's not good
    Daryn Dean - Lakes of Katy, TX
    ***Robbed out of Hundreds of Panda Worthy Posts***
  • HortonHorton Posts: 23,823 Administrator
    If I had to guess Parker Overton will be just fine.

    Support BallOfSpray by supporting the companies that support BallOfSpray

    Connelly / DBSkis /   Denali / Eden Ski Lake  / Goode / HO Syndicate / MasterCraft / Masterline

    O'Brien / Performance Ski and Surf / PTM Edge / Stokes / Reflex / Radar / Wakeye

  • Texas6Texas6 Posts: 2,115
    We agree @Horton, I get it. Just saying it has to suck watching somebody run your baby into the ground
    Daryn Dean - Lakes of Katy, TX
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  • thagerthager Posts: 3,840 Mega Baller
    Has been nothing worth buying since Parker sold it.
    Stir vigorously then leave!
  • HortonHorton Posts: 23,823 Administrator
    @texas6 Again, my guess is Parker laughed all the way to the bank

    Support BallOfSpray by supporting the companies that support BallOfSpray

    Connelly / DBSkis /   Denali / Eden Ski Lake  / Goode / HO Syndicate / MasterCraft / Masterline

    O'Brien / Performance Ski and Surf / PTM Edge / Stokes / Reflex / Radar / Wakeye

    thagermnewthBruce_Butterfield
  • Texas6Texas6 Posts: 2,115
    edited March 2017
    Well, they definitely got paid on the acquisition, won't argue that
    Daryn Dean - Lakes of Katy, TX
    ***Robbed out of Hundreds of Panda Worthy Posts***
  • thagerthager Posts: 3,840 Mega Baller
    I would give @Horton a $1.
    Stir vigorously then leave!
  • Bruce_ButterfieldBruce_Butterfield Posts: 1,071 Mega Baller
    Dang @thager...you're generous today!
    If it was easy, they would call it wakeboarding.
    ski6jonesMuskokaKy
  • thagerthager Posts: 3,840 Mega Baller
    @Bruce_Butterfield Yep. cuz i'm tighter than a frogs bottom!
    Stir vigorously then leave!
    RazorRoss3
  • gregygregy Posts: 2,393 Mega Baller
    They put a Gander Mountain in near me in the same space another similar store had gone out of business a couple years early. I thought it was kind of a dumb move. Several month ago I went in to look for something for my trailer and they had a storewide clearance going on. I bought some mooring ropes that were on clearance. It looked to like they might have getting ready to close the store. I bought a few things online over the last few years but most of the time you can find it cheaper other places.
  • RazorRoss3RazorRoss3 Posts: 1,199 Mega Baller
    Based on the size of the companies I would bet they get bought out. Brick and mortar anything is consolidating these days because the internet is convenient and cheap but the bigger the brick and mortars get the more they can be price competitive so someone will likely try to take advantage of the misfortune to positively effect their own scale and placement.
    skier2788
  • UWSkierUWSkier Posts: 576 Crazy Baller
    I was reading an interesting analysis in Fortune recently about how the mall explosion in the USA was largely driven by the idea of putting an anchor tenant into each location. These anchor tenants were typically large department stores. Many of these are failing these days.

    I wonder if the Ganders, et al have ever considered taking over some of these retail locations. Think about all the guys who get dragged to the mall by their wives and could say "ooh, there's a Gander there! OK honey!"
  • DWDW Posts: 1,578 Crazy Baller
    @UWSkier : Hasn't Bass Pro used that model? They appear to be successful so far.
  • bigskieridahobigskieridaho Posts: 608 Crazy Baller
    It is sad, but they really haven't been the same since and I can't even remember the last time I actually bought something from them. Other shops are so much better now.
    wettek69
  • UWSkierUWSkier Posts: 576 Crazy Baller
    @DW have they? Around us all the Bass Pro Shops are standalone locations, but there's often a mall within a mile or so.
    hooscal15wolfgangjlittle
  • DWDW Posts: 1,578 Crazy Baller
    edited March 2017
    @UWSkier : I have seen several in mall locations, along with the standalone stores.

    A bit sad to see Overton's potentially go, I remember also Ski Limited which is gone. Changing of the landscape.
  • LeonLLeonL Posts: 1,931 Crazy Baller
    I've seen several new Cabella's over the past 2-3 years. I think Overton's has never been the same since Parker sold out.
    Leon Leonard Stillwater Lake KY - SR Driver SR Judge
  • thagerthager Posts: 3,840 Mega Baller
    @Horton Next time you bust out a whopper could you please warn me? I didn't have time to put on my boots!
    Stir vigorously then leave!
    Bruce_Butterfield
  • HortonHorton Posts: 23,823 Administrator
    @thager ok you are right. I would not miss you. I just can't face getting a real job ever again.

    Support BallOfSpray by supporting the companies that support BallOfSpray

    Connelly / DBSkis /   Denali / Eden Ski Lake  / Goode / HO Syndicate / MasterCraft / Masterline

    O'Brien / Performance Ski and Surf / PTM Edge / Stokes / Reflex / Radar / Wakeye

    thagerpumpinpeteallycat
  • pumpinpetepumpinpete Posts: 36 Baller
    Kinda sad. I bought heaps of gear and boat bits from Overtons in the 90's. They were great then. One of first major players as I recall in water sports gear online sales. I remember fitting out two outboard boats with ski accessories 95/96 and 99 then - 2000 off to buy wifey new KD 3000 -Monday morning local ski shop southern Sydney was 850aud. Got online Overtons 550aud Monday afternoon delivered my door in Australia Friday 11:00am They were unreal then- they gave me access to almost everything I desired /needed ( in a nautical way). Now I would go to Wiley's or Performance both of which offer great service and sharp prices.
    kc
  • MattPMattP Posts: 5,893 Moderator
    I would not count them out as doors closed as of yet. The retail landscape is in a bit of a flux. Bass Pro has recently bought Cabella's for 4.5B. Wal-Mart has been gobbling up online retailers moosejaw.com (51M), jet.com (3B) and Shoebuy.com (70M). Dick's Sporting goods bought some of Sports Authority's assets last year. TJX owns sierratradingpost.com.
    I would say a restructure after the closing of the underperforming Gandar Mtn. stores could happen to keep the company viable for a little longer. They could be acquired and live on as an independent name or swallowed up. The Overton's brand name could be sold off. It still carries some weight in the watersports community. Hmm I wonder if CC has an eye one it to add to their diversified portfolio. Time will tell.
  • WishWish Posts: 6,808 Mega Baller
    @bananaron yes yes and sorta.
    >>> 11.25..a different kettle of fish. <<<
  • MattPMattP Posts: 5,893 Moderator
    Overton's lives on. See article below.


    The largest U.S. chain dedicated to recreational vehicles and a group of liquidations have come together to thrown a lifeline of sorts to outdoor retailer Gander Mountain.

    Camping World Holdings was chosen as the winning bidder at a bankruptcy auction for certain assets of Gander Mountain and its Overton’s boating business. Under the terms of the deal, Camping World, which is run by Marcus Lemonis, the host of CNBC TV's reality show "The Profit,” is obligated to run 17 of Gander Mountain’s 160 stores as a going concern. However, Lemonis told The Wall Street Journal he might keep as many as 70 stores open depending on if he can work out the right deals with landlords.

    The Camping World consortium, which includes Gordon Brothers Group LLC and Hilco Merchant Resources LLC, bested a going-concern bid from Gander rival Sportsman’s Warehouse. The group also won all of Gander Mountain's intellectual property. The value of the winning bid was about $390, according to reports.

    “The Gander Mountain and Overton customer and their affinity to the outdoor lifestyle are the perfect complement to our Camping World business,” said Lemonis, who serves as chairman and CEO of Camping World, which operates over 125 locations. “The structure of our deal provides much flexibility and will not only allow us to refine the inventory selection and select only those stores which are profitable or we believe have a clear path to profitability, but will also allow us to immediately offer our comprehensive portfolio of services, protection plans, products and resources to the existing Gander Mountain and Overton customer base and in stores in which we elect to operate.”

    Gander Mountain filed for Chapter 11 in March, saying it planned to close underperforming stores and sell itself. As part of its bankruptcy proceedings, 32 of its 160 location s are in the process of being liquidated.

    “The liquidation of the existing Gander Mountain inventory will allow us to start with a clean slate of what we consider the appropriate mix and level of inventory, including the addition of Camping World and Overton offerings where appropriate, and our lease designation rights will allow us to select only those stores in appropriate locations with appropriate cost structures,” Lemonis said.

    Added Camping World COO Brent Moody: “Camping World’s plan is to immediately right size the inventory and operate only in retail locations with occupancy costs that we believe support profitable operations, with an extreme focus on corporate overhead and expenses, consistent with our other operating segments.”


    Source
    DragoWishaupatking
  • WishWish Posts: 6,808 Mega Baller
    Guess they are not gonna have any stores open any more. Bummer. This is all there is for their web site:

    .

    >>> 11.25..a different kettle of fish. <<<
  • MISkierMISkier Posts: 1,897 Mega Baller
    I ordered some gloves from Overtons a couple of days ago. Bought a lot from them over the years. Hope they continue some operations.
    The worst slalom equipment I own is between my ears.
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