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Wednesday, February 01, 2017

Several retail chains on verge of bankruptcy after poor holiday sales

A bah-humbug holiday continues to haunt America’s weaker retail chains.

At least three more apparel chains — Wet Seal, Eastern Mountain Sports and Bob’s Stores — are running short of cash and on the verge of filing for bankruptcy protection, The Post has learned.

A fourth chain, outdoor retailer Gander Mountain — some of whose vendors stopped talking orders — just hired financial adviser Lazard, several sources told The Post.

A Gander spokesman declined to comment.

For Wet Seal — owned by Versa Capital, a private equity firm — a poor holiday made it impossible to obtain new financing, according to a recent regulatory filing.

As a result, the ailing teen apparel retailer, which has already completed one trip through Chapter 11, is shutting its Irvine, Calif., headquarters and closing its 171 stores.



Anonymous said...

Most of these so called finance guys just run Ponzi schemes with these businesses cash out early and let them go under all in the name of business.

Anonymous said...

Got a pretty good deal on a new hunting rifle at Salisbury Gander Mountain for Christmas. Reads like I'm glad I got it when I did. Be a damn shame if Gander closes.

Anonymous said...

Sad to see Gander Mountain.
The times I have gone there for Archery supplies,
There was hardly anyone there and parking lot was mostly empty.

I guess all that will be left is Dicks Sporting goods if they even stay in business. Also visit the Sportsman in Delmar. Great place for Fishing and Hunting supplies. Local business that needs support!

Anonymous said...

Rumor is Gander is going to be bought up by Bass Pro shops, and the stores closed.

Anonymous said...

No jobs and no money is Salisbury. Hard to believe that most stores stay in business.

Anonymous said...

It's everywhere.

Anonymous said...

This has a lot to do with online sales.

Like Amazon. Jeff Bezos's business. You know, anti-Trump Jeff Bezos.

Anonymous said...

Maryland guns laws was the demise of Salisbury's Gander Mountsin. Prior to the gross over regulation of Maryland's assault and handgun laws, Gander was often pretty active.

Anonymous said...

5:37 Not true. There are many areas in the country that are thriving economically. Low unemployment, great pay and home values rising at 5-9% per year.