Gander Mountain move to new Cedar Rapids store expected in late April

CEDAR RAPIDS - Gander Mountain, reported to be considering filing for bankruptcy protection, is expected to relocate from southwest Cedar Rapids to a new store off Blairs Ferry Road NE in late April or early May

Greg Swartzendruber, director of business development for Hunter Companies, on Thursday said the privately owned outdoor products retailer is on track to move into a 52,000-square-foot anchor store at Northtowne Market. Cedar Rapids-based Hunter Companies is the developer of the shopping center, but a third party is constructing the building that will be leased by the retailer.

'We had originally discussed occupancy at the end of April,” Swartzendruber said. 'Until further notice, we're going to anticipate that's still happening. Nobody has contacted us to say they want to push back, so it's business as usual for us.”

St. Paul, Minn.-headquartered Gander Mountain, which has operated a 31,000-square-foot store at 2140 Edgewood Rd. SW since 2000, on Wednesday issued a statement that it has hired an independent adviser to review its strategic options.

'Gander Mountain and its ownership group have undertaken a best-practices approach to review our strategic options specific to positioning the company for long-term success,” the company said. 'To assist in this process, we have retained Houlihan Lokey as independent advisers, and we are confident that the outcome of the review will identify the right go-forward strategy.”

Reuters news service on Friday reported Gander Mountain is preparing to file for bankruptcy protection as early as this month, after an aggressive effort to expand its customer base failed to attract new customers. Under Chapter 11 of the U.S. Bankruptcy Code, the company could reorganize financially while protected from creditors.

The planned move by Gander Mountain to Northtowne Market is part of a major retail development that has occurred in the same area of Blairs Ferry Road NE.

Water Rock, an $11 million, 7.75-acre project at the southeast corner of Blairs Ferry Road and Rockwell Drive NE, lost a tenant last month when the operators of the Rock Top restaurant and bar closed unexpectedly after only four months of operation.

Todd Culver, the developer of Water Rock, reached out to Richard Pankey, owner of Cedar Rapids's Butcher Block Steakhouse, Riley's and Daisy's Garage. Pankey plans to open a new restaurant at the former Rock Top location, 951 Blairs Ferry Rd. NE, early this spring.