Minnesota-based retail chain Gander Mountain has filed for Chapter 11 bankruptcy protection.

The company also filed for Overton’s, its wholly-owned subsidiary that sells boating and water sports equipment.

In a statement the company said that it will close 32 locations in its 162-store chain as part of its restructuring plans. Other Gander Mountain and Overton’s locations will remain open in that time, as the company attempts to find a new owner. Discussions with “several prospective buyers” are said to be currently underway. Gander Mountain said it expects to hold an auction in late April, with a closing by May 15.

It’s been a dramatic year for outdoor retail, with Cabela’s currently being acquired by Bass Pro Shops, sister company to Tracker Marine Group.

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