It's been rumored for a while that they were going to do it and now it's reality that Gander Mountain, the largest chain of outdoor specialty stores, filed for chapter 11 bankruptcy protection on Friday.

According to the Star Tribune, the company is looking for a new owner and the filing will help keep the company going in the meantime.

Gander Mountain also stated they will close 32 of their 162 stores, including three in Minnesota, in Rogers, Mankato and Woodbury.

According to the Star Tribune report, the company is controlled by David Pratt and the Erickson family, which also owns the Holiday Station store chain. Pratt owns 44.6 percent with Erickson owning 44.8 percent. Another Holiday company and members of Pratt's family own the remaining stock, according to the bankruptcy filing report.

The outdoor products market has had it struggles of late. Cabela's is being picked up by Bass Pro shops, Sports Authority filed for bankruptcy and closed 300 stores last year and the Eastern Outfitters chain has filed for protection as well.

Photo provided by the Minnesota Department of Natural Resources