Off-price retailer Gordmans has filed Chapter 11 bankruptcy in its home state of Nebraska. The retailer said it contracted with Tiger Capital Group and Great American Group for the sale and liquidation of inventory assets in its stores and distribution centers. The contract is contingent on approval from the bankruptcy court.
“Until further notice, all Gordmans stores are operating as usual without interruption,” said Andy Hall, president and CEO 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.”
Gordmans operates 101 stores in 22 states. The stores will close once the inventory has been liquidated. The retailer operates one store in Northwest Arkansas at the Pinnacle Hills Promenade area on South Promenade Boulevard in Rogers.
Gordmans reported net quarterly revenue of $143.48 million in the quarter ending Oct. 29, the last filing on record. The Omaha-based retailer lost $4.823 million in the quarter. Between Feb. 1 and October 29, 2016, the retailer lost $12.525 million, according to filings with the U.S. Securities and Exchange Commission. The retailer filed bankruptcy two days before it was scheduled to report earnings for the recent quarter ending January 31.
Houston, Texas-based Stage Stores reportedly has expressed an interest in buying Gordmans’ assets. Stage reported it would like to run some of the Gordmans store locations and a warehouse, but that would have to be approved by the bankruptcy court.
There has been no intent to buy filed with the court as of Wednesday (March 22).