Gander Mountain, Inc.
                 P.O. box 128, Hwy. W
                Wilmot, Wisconsin 53192
                 Phone: (414) 862-2331

AT THE COMPANY:                 AT THE FINANCIAL
RELATIONS BOARD:
Kenneth C. Bloom                Michael Rosenbaum
Executive VP/Chief Financial Officer    875 N. Michigan
Ave., Chicago, IL 60611
(414) 862-3302                  (312) 266-7800


FOR IMMEDIATE RELEASE

      GANDER MOUNTAIN SUBMITS REORGANIZATION PLAN

     Wilmot, Wisconsin, November 14, 1996 -- Gander
Mountain, Inc. (Nasdaq Bulletin Board: GNDR), today
announced that it has filed a Joint Plan of
Reorganization together with its wholly owned
subsidiaries GMO, Inc. and GRS, Inc., the Official
Committee of Unsecured Creditors of Gander Mountain,
Inc., and Holiday Stationstores, Inc.  The Company has
also filed a proposed Disclosure Statement relating to
the Plan.  A hearing has been scheduled before the
Honorable Russell A. Eisenberg at 9:00 a.m. on December
13, 1996 to consider whether the Disclosure Statement
contains adequate information so that interested
parties can make an informed decision about the Plan.,
Once a Disclosure Statement is approved, it, together
with the Plan, will be distributed to parties-in-
interest so that they can vote on the Plan.
     
     Under the terms of the Joint Plan, the company's
12 retail stores and substantially all related assets
of the business will be transferred to Holiday
Companies which will pay a purchase price equal to all
secured debt, administrative expenses of the bankruptcy
(including post-petition liabilities), priority claims,
reasonable post-confirmation expenses, plus
$19,500,000.  $18.5 million will be distributed among
unsecured creditors, $500,000 paid pro rata to Gander
Mountain preferred shareholders, and $500,000 paid pro
rata to holders of Gander Mountain common stock.  If,
however, the holders of preferred stock oppose the Plan
and it cannot be confirmed by the Court because of this
opposition, there will be no distribution to preferred
and common shareholders and the amount available to
unsecured creditors will increase to $19 million.
Unsecured claims of $1,000 or less, and claims that
creditors reduce voluntarily to $1,000, will receive a
one-time payment of 80% of their claims out of the
funds available to unsecured creditors.  After this
payment, the balance will be distributed pro rata to
other unsecured creditors with allowed claims.  Amounts
payable to unsecured creditors and shareholders will be
deposited into a Trust which will be administered by a
Trustee to be appointed pursuant to the Plan who will
make distributions.
     
     The Plan, to become effective, must be approved by
the Court, after a vote by the creditors, preferred
shareholders and common shareholders.
     
     Holiday Companies is a privately-held Bloomington,
Minnesota based retailer and wholesaler of outdoor and
other sporting goods as well as gasoline and food
products.  With the acquisition of the twelve Gander
Mountain stores, Holiday's outdoor sporting goods group
will consist of 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 name.
     
     Gander Mountain, Inc., is a customer-oriented
specialty merchandiser serving the outdoor recreation
market.  The company is recognized as a leader in
providing functional outerwear, footwear and equipment
for the hunting, fishing and camping enthusiast.
     
     
     
  For further information on Gander Mountain free of
                    charge via fax,
     dial 1-800-PRO-INFO and enter the number 001.