Hilco and Gordon Brothers finally emerged as stalking horse bidders, one week after Gander’s original self-imposed deadline, but the terms of the agreement clearly permit Gander to continue marketing itself to going concern buyers until the actual deadline for submitting bids on Apr. 24 for an Apr. 27 auction date. The terms also make it clear that the going concern bids might include some of the stores and includes a carve out of the breakup fee if Gander is sold as a going concern to one of the several parties that have already been in the discussions.

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