Gordmans Stores files for bankruptcy with plan to liquidate
Channel: Jany Home
Date: 13/03/2017

Gordmans Stores files for bankruptcy with plan to liquidate

Gordmans Stores, the century-old discount department store chain, filed for bankruptcy with plans to liquidate its inventory and assets.

The company, which posted losses in five of the past six quarters, listed total debt of $131 million in Chapter 11 papers filed Monday in Nebraska federal court. Gordmans said in a statement that it has an agreement with Tiger Capital Group and Great American Group "for the sale in liquidation of the inventory and other assets of Gordmans' retail stores and distribution centers," subject to court approval or a better offer.

For now, the chain will operate "as usual without interruption," Chief Executive Officer Andy Hall said in the statement.