NEWS: $GMAN goes Bankrupt. Chapter 11
Gordmans Stores Files for Chapter 11 Bankruptcy Protection
7:53 AM ET 3/13/17 | Dow Jones
By Jacqueline Palank
Gordmans Stores Inc., the home decor and apparel chain, sought chapter 11 bankruptcy protection Monday after reaching a deal on its liquidation.
The Omaha company said liquidators Tiger Capital Group LLC and Great American Group LLC have agreed liquidate its inventory and other assets, subject to competing offers, including a possible going-concern sale of the chain.
Gordmans Chief Executive Andy Hall said in a statement that the retailer would continue operating "until further notice."
Gordmans, founded in 1915, operates more than 100 stores in 22 states. The company's private-equity backers include Sun Capital Partners Inc., which court papers say owns a 49.66% stake in Gordmans. Sun Capital invested in the retailer in 2008, according to the investment firm's website.
Gordmans reported assets and debts each in the range of $100 million to $500 million its chapter 11 petition, filed in the U.S. Bankruptcy Court in Omaha, Neb.
Lawyers from Kirkland & Ellis LLP and Kutak Rock LLP are advising the company in its chapter 11 case. Duff & Phelps is its financial adviser.
Write to Jacqueline Palank at jacqueline.palank@wsj.com
> Dow Jones Newswires
March 13, 2017 07:53 ET (11:53 GMT)
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