Gordmans Stores and five affiliated Debtors filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Nebraska, lead case number 17-80304. The Company, which is engaged in the retail sale of apparel, home goods and other merchandise, is represented by Jeffrey T. Wegner of Kutak Rock.
The Company concurrently announced its entry into an agreement with Tiger Capital Group and Great American Group for the sale in liquidation of the inventory and other assets of Gordmans Stores’ retail stores and distribution centers, subject to the receipt and Court approval of a more favorable transaction. Andy Hall, president and chief executive officer of Gordmans Stores, notes, “Until further notice, all Gordmans stores are operating as usual without interruption.”
According to documents filed with the Court, “Like many other apparel and retail companies, the Debtors have fallen victim in recent months to adverse macro-economic trends, especially a general shift away from brick-and-mortar to online retail channels, a shift in consumer demographics, and expensive leases. These trends have directly affected the Debtors’ sales and operations.”
Read more retail bankruptcy news.