LINCOLNSHIRE, Ill.--(BUSINESS WIRE)--
Camping World Holdings, Inc. (NYSE: CWH) (“Camping World”), the nation’s
largest network of RV-centric retail locations and only provider of a
comprehensive portfolio of services, protection plans, products and
resources for the outdoor enthusiast, announced the planned acquisition
of certain assets of Gander Mountain Company and Overton’s, Inc.
On April 28, 2017, Camping World was chosen as the winning bidder at a
bankruptcy auction for certain assets of Gander Mountain and its
Overton’s boating business. Simultaneously, a group of liquidators was
chosen as the winning bidder to be retained as the agent for Gander
Mountain to conduct liquidation sales at substantially all of Gander
Mountain’s existing stores. Pursuant to Camping World’s winning bid,
Camping World will purchase the Overton’s inventory for an amount equal
to cost, which as of the date of the auction was approximately
$15,600,000, plus $22,150,000 for certain other assets, such as the
right to designate any real estate leases for assignment to Camping
World or other third parties, other agreements Camping World elects to
assume, intellectual property rights, operating systems and platforms,
certain distribution center equipment, the Gander Mountain and Overton’s
ecommerce business, and fixtures and equipment for the Overton’s retail
and corporate operations. Camping World will also assume certain
liabilities, such as cure costs for leases and other agreements it
elects to assume, accrued time off for employees retained by Camping
World and retention bonuses payable to certain key Gander Mountain
employees. The United States Bankruptcy Court for the District of
Minnesota will consider the approval of the Camping World winning bid
and the liquidators winning bid at a sale hearing that is currently
scheduled for May 3, 2017 at 1:30 p.m.
Marcus Lemonis, Chairman and CEO of Camping World, stated, “the Gander
Mountain and Overton customer and their affinity to the outdoor
lifestyle are the perfect complement to our Camping World business. 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. While we are obligated to assume a minimum of
seventeen leases, our designation rights will allow us to operate stores
and retain employees at a number to maximize profitability.”
The structure of the transaction will allow Camping World to immediately
operate the Overton’s business as a going concern upon closing the
transaction this month and the liquidators to immediately commence the
sale of Gander Mountain inventory at Gander Mountain locations. Lemonis
added, “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.”
Brent Moody, Chief Operating Officer of Camping World, stated, “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.”
About Camping World Holdings, Inc.
Camping World Holdings Inc. (NYSE: CWH) is the only provider of a
comprehensive portfolio of services, protection plans, products and
resources for recreational vehicle (“RV”) enthusiasts. Through its two
iconic brands, Camping World and Good Sam, the company offers new and
used RVs for sale, vehicle service and maintenance along with more than
10,000 products and services through its retail locations and membership
clubs. Good Sam branded offerings provide the industry’s broadest and
deepest range of services, protection plans, products and resources
while the Camping World brand operates the largest national network of
RV-centric retail locations in the United States through over 125 retail
locations in 36 states and an e-commerce platform. With both brands
founded in 1966, product and service offerings are based on 50 years of
experience and customer feedback from RV enthusiasts.
For more information, visit www.CampingWorld.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995
concerning Camping World and other matters. All statements other than
statements of historical facts contained in this press release may be
forward-looking statements. Statements regarding the purchase price of
the Overton’s inventory and certain other assets, our future results of
operations and financial position, business strategy and plans and
objectives of management for future operations, including with respect
to the assets of the Gander Mountain and Overton’s boating business, are
forward-looking statements. In some cases, you can identify
forward-looking statements by terms such as ‘‘may,’’ ‘‘will,’’
‘‘should,’’ ‘‘expects,’’ ‘‘plans,’’ ‘‘anticipates,’’ ‘‘could,’’
‘‘intends,’’ ‘‘targets,’’ ‘‘projects,’’ ‘‘contemplates,’’ ‘‘believes,’’
‘‘estimates,’’ ‘‘predicts,’’ ‘‘potential’’ or ‘‘continue’’ or the
negative of these terms or other similar expressions. The
forward-looking statements in this press release are only predictions.
We have based these forward-looking statements largely on our current
expectations and projections about future events and financial trends
that we believe may affect our business, financial condition and results
of operations. Forward-looking statements involve known and unknown
risks, uncertainties and other important factors that may cause our
actual results, performance or achievements to be materially different
from any future results, performance or achievements expressed or
implied by the forward-looking statements. You should carefully consider
the risks and uncertainties that affect our business, including those
described in our filings with the Securities and Exchange Commission.
These forward-looking statements speak only as of the date of this
communication. Except as required by applicable law, we do not plan to
publicly update or revise any forward-looking statements, whether as a
result of any new information, future events or otherwise. You are
advised, however, to consult any further disclosures we make on related
subjects in our public announcements and filings with the Securities and
Exchange Commission.

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Source: Camping World Holdings, Inc.