Last week, we emailed the apparel and home decor retailer after several news outlets reported that Gordmans Stores, Inc. planned to file. At that point in time a company spokeswoman declined to comment on, “rumor or speculation.” However, Monday the Nebraska based retailer announced it has filed for Chapter 11 Bankruptcy.
According to a press release, Gordmans has entered into an agreement with Tiger Capital Group, LLC and Great American Group, LLC for the sale in liquidation of the inventory and other assets of Gordmans’ retail stores and distribution centers, subject to the receipt and Bankruptcy Court approval of a more favorable transaction. The ultimate outcome of the filing and liquidation sale is subject to the oversight and approval of the Bankruptcy Court.
“Until further notice, all Gordmans stores are operating as usual without interruption,” said Andy Hall, president and chief executive officer of Gordmans. “The management team and all of our associates remain committed to continuing to provide great merchandise and service to our guests during this process.”
Founded in 1915, Gordmans currently operates 106 stores in 62 markets and 22 states including a location in St. Joseph at the East Hills Shopping Center.