Gordmans, the Midwest-discounter with 106 stores in 22 states, filed for bankruptcy protection and plans to liquidate.
The filing in Nebraska federal court listed total liabilities of $131 million. The retailer has reached an agreement with Tiger Capital Group and Great American Group to handle liquidation sales, subject to court approval or a better offer.
Gordmans, which went public in 2010, had posted losses in five of its last six quarters.
“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.”
Private equity firm Sun Capital Partners bought the business in 2008. Growth slowed in 2014 with same-store sales falling more than 9 percent in the third quarter. The company announced job cuts in January, citing the “sluggish retail environment.”
