Stage store to pick up 57 Gordmans stores and a distribution center!! $GMANQ
Stage Stores, Inc. Thursday announced that its subsidiary has prevailed in its bid to acquire select assets of Gordmans Stores, Inc. through a bankruptcy auction.
Under the terms of the transaction, the Stage subsidiary will, subject to exceptions in the purchase agreement, acquire a minimum of 50 Gordmans store leases, with rights to assume leases for an additional seven stores and a distribution center; all of Gordmans' inventory, furniture, fixtures, equipment and other assets at the 57 store locations; and the trademarks and other intellectual property of Gordmans.
Stage intends to fund the transaction and related investments from existing cash and availability under its credit facility.
The transaction is expected to close during Stage's first quarter of fiscal 2017, subject to the approval of the court administering the Gordmans bankruptcy and customary closing conditions.
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