Gordmans files for Ch. 11 bankruptcy, plans to liquidate 106 stores
Gordmans Stores Inc. will liquidate assets and inventory after filing for Chapter 11 bankruptcy protection Monday, March 13th — the Milwaukee Business Journal is reporting.
The Omaha, Nebraska-based retailer has 106 stores in 22 states, including six in Wisconsin — two in Appleton and one each in Kenosha, Madison, Ashwaubenon and Wausau.
A Gordmans spokesperson could not immediately be reached for comment
According to the Business Journal, the company listed total debt of $131 million in its Chapter 11 papers and has reported losses in five of the past six quarters. Gordmans said in a statement that it has entered into an agreement with Tiger Capital Group and Great American Group to handle the sale and liquidation of inventory and assets. That process will require bankruptcy court approval to proceed.
Andy Hall, president and CEO of Gordmans, said all stores will operate as usual, without interruption “until further notice.”
“The management team and all of our associates remain committed to continuing to provide great merchandise and service to our guests during this process,” he said.
Gordmans, which was founded in 1915, employs more than 5,000 associates.