Largest U.S. RV dealer closes 13 stores as market hits 15-year low
The pandemic-era camping boom has faded, and nobody feels that more acutely than the dealers who expanded to meet it. Camping World Holdings Inc. (CWH), the largest U.S. RV retailer, has spent the past year closing and consolidating locations as new RV sales sputter in what its chief executive calls the weakest market in more than 15 years.
Camping World, which started in 1966 and went public in 2016 with a $251 million IPO, has been under pressure as consumers pull back on costly discretionary purchases. As of mid-2026, the company’s market cap stood at $672.45 million. Shares traded around $6.51, down about 33% year to date and roughly 84% over five years.
In a Form 10-Q filing with the SEC, Camping World said its store footprint decreased by 10 locations during the 12 months ended March 31, 2026. The company consolidated 10 stores, closed three locations, temporarily closed one and opened four new locations. CEO Matt Wagner, who took the job in January 2026, said the consolidation helped reduce selling, general, and administrative expenses by $29 million and improved SG&A as a percentage of gross profit by 135 basis points. The company also cut its full-time workforce from 12,701 to 11,144 in 2025.
“On SG&A, I’m very pleased with our progress. The 135 basis point improvement in SG&A to gross profit and the $29 million reduction reflects a fundamentally lower cost basis, not one-time savings. This includes $19 million of compensation reduction in the quarter and the consolidation of 13 store locations over the last year that sharpened the efficiency of our footprint,” Wagner said.
Camping World said the moves were designed to improve the cost efficiency of its remaining locations. According to Seeking Alpha analyst Brad Thomas, the company has also reduced inventory, streamlined operations, cut expenses, improved liquidity and paid down debt while using AI to lower costs and improve customer service.
“After enduring several difficult years following the post-pandemic boom, Camping World appears to have reached an important inflection point. Management has aggressively reduced inventory, streamlined operations, cut expenses, improved liquidity, and paid down debt. At the same time, the company has embraced AI to reduce operating costs and improve customer service,” Thomas wrote.
The pressure has also fueled bankruptcy speculation. Earlier this year, a viral post on X claimed Camping World was headed for Chapter 11 because of $3.5 billion in debt. Former CEO Marcus Lemonis publicly called the rumor “totally false.” Mike Wendland, a writer for RV Lifestyle, said the fact that Lemonis felt compelled to answer a random social media post raised questions of its own.
“Either the post struck a nerve because it was dangerously wrong, or because it was uncomfortably close to something that could be true, probably maybe a little of both,” Wendland said.
Camping World’s finances show why the rumor gained traction. The company lost about $105.6 million in 2025. Sales declined further in early 2026, and the stock has fallen more than 80% from its peak. It also stopped paying shareholder dividends this year to focus on debt. Wendland noted, though, that Camping World has $200 million in cash on hand, continues to service its long-term debt, and is taking a larger share of the overall RV market than competitors. He compared the situation to the pressures that pushed the country’s biggest boating retailer into Chapter 11 in May 2026.
On the company’s second-quarter 2026 earnings call, Wagner described the environment in stark terms: “In the weakest new RV retail environment in over 15 years, we executed on the priorities we set for this year, growing new and used unit share, accelerating Good Sam, and driving SG&A efficiency.”
Camping World revised its full-year 2026 outlook, lowering adjusted EBITDA guidance to $230 million to $270 million from an earlier range of $275 million to $325 million. Wagner said the second quarter came in below expectations, with industry trends weakening during the peak selling season in May and June.
“Our progress was more than offset by new RV industry trends that weakened during the peak selling season in May and June. Even so, we moved aged used inventory and prior-model-year new inventory as planned. These factors pressured vehicle gross profit and resulted in second-quarter earnings below our expectations. We are not satisfied with the result.”
The retailer’s problems reflect a broader slowdown across the outdoor recreation industry. High interest rates, inflation, elevated fuel prices and tariffs are forcing consumers to delay big-ticket discretionary purchases. A McKinsey & Company consumer study found American households plan to pull back spending across most discretionary categories, with even higher-income consumers cutting back on “nice to haves.”
That is a sharp reversal from the pandemic era. Americans bought RVs and boats in large numbers during COVID, and Bloomberg called RVs “COVID campers.” As lockdowns faded and inflation took hold, the outdoor industry came under pressure again.
Industry data shows the slide is ongoing. According to the RV Industry Association’s July 2026 survey, total RV shipments came to 19,948 units, an 11.9% decrease from 22,633 units in July 2025.
Campground operators see the same trend. Toby O’Rourke, CEO of KOA, told the 2026 RV Industry Power Breakfast that while more people are camping, camping frequency is down. “Two-thirds of all people who are camping are doing so just once or twice a year compared to 55% in 2019. That’s a significant loss in camper nights at campgrounds,” she said.
O’Rourke also cited data showing that 5% to 8% of RV owners did not use their RVs last year, a number she suggested could be conservative. When people stop using their RVs, she said, they are less likely to upgrade or buy another one. “If people are not using their product, they’re not inclined to upgrade or purchase another one.” She added that campers are not dropping out because they lost interest; they can’t afford to go as often, can’t find the time, or both. “We need to make camping multiple times a year feel possible again because that will drive purchases.”
Wendland hears the same from RVers. “Between fuel costs and just the general price of everything, people are being a lot more careful about when they hit the road and how far they are going to go.” He argued that a long weekend can now cost more than a weeklong trip used to cost after fuel, campsite fees, food and activities are counted.
The shakeout is likely to reshape Camping World’s footprint. The company is betting that a leaner network, market-share gains and its Good Sam membership program can carry it through the downturn. The risk is that if demand stays weak, even a smaller footprint may not be enough.
This story was originally published by TheStreet on Aug. 27, 2026, where it first appeared in the Retail section.