AT THE COMPANY:                AT HOLIDAY:
Kenneth C. Bloom               Robert S. Nye
Executive VP/Chief             VP Human Resources
Financial Officer
(414) 862-3302                 (612) 830-8737

FOR IMMEDIATE RELEASE

    GANDER MOUNTAIN TO SELL REMAINING TWELVE STORES
                 TO HOLIDAY COMPANIES


     Wilmot, Wisconsin, October 30, 1996 -- Gander
Mountain, Inc., a leading marketer of outdoor sporting
goods, today announced that it has arrived at an
agreement in principle to sell all of its assets,
including its remaining twelve retail stores, to
Holiday Companies, a privately-held Bloomington,
Minnesota based retailer and wholesaler of outdoor and
other sporting goods as well as gasoline and food
products.  Gander Mountain has been in Chapter 11
bankruptcy since August 9, 1996.  The agreement in
principle contemplates that Holiday Companies would
assume all secured debt, administrative expenses of the
bankruptcy (including post-petition liabilities),
priority claims and pay $19.5 million, to be allocated
$18.5 million to unsecured creditors, $0.5 million to
preferred stockholders and $0.5 million to common
stockholders.  The economic terms of the agreement have
been approved by the Unsecured Creditors' Committee in
the bankruptcy case and are to be incorporated in a
plan of reorganization.
     
     Under terms of the agreement, Holiday Companies
will acquire Gander Mountain's five stores in Wisconsin
(Appleton, Brookfield, Madison, Wausau and Wilmot), six
stores in Michigan (Flint, Grand Rapids, Pontiac,
Saginaw, Taylor and Utica), and one store in Indiana
(Merrillville).  The acquisition includes the purchase
of inventory, store fixtures and leasehold improvements
and the assumption of existing leases for the
facilities.  Holiday plans to continue to operate the
stores under the Gander Mountain name.  Holiday intends
to hire as many of the existing Gander Mountain
employees as possible.
     
     With this acquisition, Holiday's outdoor sporting
goods group will have twenty-seven (27) retail stores
in four states.  In July, 1996, Holiday acquired five
stores from Gander Mountain which included three stores
in Minnesota (Duluth, Maple Grove and St. Cloud) and
two stores in Wisconsin (Eau Claire and LaCrosse).
Holiday will continue to operate these stores under the
Gander Mountain names.
     
     Holiday also owns and operates five Holiday Sports
stores in Minnesota (Bloomington, Brooklyn Park,
Burnsville, Fridley and Plymouth) and five Burger
Brothers Outdoor Outfitters stores in Minnesota
(Bloomington, Minnetonka, Roseville, Rochester and
Woodbury).
     
     A spokesperson for Holiday Companies said, "We are
pleased to have reached this agreement in principle
with Gander Mountain.  We believe that combining the
operating and financial strengths of Holiday Companies
with the Gander Mountain specialty retail concept will



produce a successful, growing market-leading retailer
serving the hunting, fishing and camping enthusiast."
     
     Consummation of the transaction is subject to a
number of contingencies, including negotiation of a
definitive asset purchase agreement and plan of
reorganization and approval of the plan by creditors,
preferred stockholders and the bankruptcy court.