Bankrupt outdoor retailer US retailer Gander Mountain has filed a stalking horse bid by a joint venture comprised of Gordon Brothers and Hilco Merchant Resources to purchase substantially all of its assets.

The filing was made today (31 March) as part of the company's proceedings under Chapter 11 of the United States Bankruptcy Code, and should see a seamless sale of the company as a going-concern.

The Saint Paul, Minnesota-based company announced earlier this month it would shutter 32 of its underperforming stores after filing for Chapter 11 bankruptcy.

Gander Mountain files for bankruptcy, to close 32 stores

Now Gander Mountain says the stalking horse agreement and bid procedures should facilitate a seamless sale.

The company adds the agreement ensures operational continuity necessary to support a successful sale, but says it remains in discussions with a number of interested parties alongside its advisors.

An auction will be held late next month, with Gander Mountain expecting to submit the winning bid to the court for approval in early May. The company expects to close on the sale by 15 May.

Earlier this month, Gordon Brothers also acquired the Wet Seal brand with a bid of US$3m.

Gordon Brothers acquires Wet Seal