OMAHA — Gordmans Stores Inc., – a 100-year-old Nebraska-based retailer with stores in Davenport and Moline – announced Monday it is filing for Chapter 11 bankruptcy and plans to liquidate its assets and will likely close all its stores.
The company announced it has entered into an agreement with Tiger Capital Group, LLC. and Great American Group, LLC for the sale in liquidation of its inventory and other assets.
“Until further notice, all Gordman stores are operating as usual without interruption,” said Andy Hall, president and chief executive officer of Gordmans in a media release Monday. “The management team and all our associates remain committed to continuing to provide great merchandise and services to our guests during this process.”
According to an article in the Omaha World Herald Monday, the bankruptcy filing may offer faint hope for keeping the stores in business. Gordmans, in its court papers, appeared to hold out some hope for the emergence of a buyer who would operate the stores, saying in court documents that it’s pursuing the liquidation or “other disposition of assets,” according to the Omaha World Herald report. Court papers indicate the company had been shopping its assets around previous to the bankruptcy filing, but had not found a willing buyer.
Gordmans value is estimated at $130 million. The company began with one store in 1915 in Omaha and currently operates 106 stores in 22 states.