Gander Mountain tried to aggressively expand their brand to gain new customers, now they have to file for bankruptcy.

The company currently has 162 stores in 26 states, 60 of those stores have opened since 2012. The company is working with a financial advisory firm, Lighthouse Management Group, to file bankruptcy as early as this month.

The company released a statement explaining financial hardships: "Gander Mountain is the nation’s largest outdoor retail network with 162 specialty stores across 26 states. We are a fully integrated Omni-Channel retailer dedicated to servicing the hunting, camping, fishing, shooting sports, and outdoor products markets. As ‘America’s Firearms Supercenter™,’ we are a market leader in the shooting sports category with an extensive offering of firearms, ammunition, and accessories.

Like most retailers, we are subject to normal economic cycles, changes in our industry and shifts in consumer demand that require us to adapt our business accordingly. It’s been that way since 1960, when we started out as a catalog company in small-town Wisconsin, and it remains the case today. It is this constant adaptation and desire to offer our customers the best selection, best value and best service that has been our hallmark for generations.

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. When we engage in such a review we often seek information and advice from external advisors to inform our decisions. To assist in this process, we have retained Houlihan Lokey as independent advisors and we are confident that the outcome of the review will identify the right go-forward strategy. In the meantime, our Gander Mountain stores and remain the place to go for all of our customers’ outdoor adventure needs.'

This news comes one week after the news that M.C. Sports filed for bankruptcy.