Gordmans Stores, Inc. (NASDAQ:GMAN) on Monday filed for Chapter 11 bankruptcy protection and at the moment it is making an effort to liquidate its assets and inventories.
Asides from the Omaha-based retailer having seven stores in Colorado, it also boasts of a series of some 106 stores in 22 different states. While contacting one of the company’s spokespersons, a lot was revealed though he was reluctant to disclose the particular Colorado stores that would be impacted by the change.
The Chapter 11 papers reflected a debt amounting to $131 million and it is a backward step for the company to have recorded losses in five of the past six quarters.
In making its statement, Gordmans brought it to the limelight that it was entering into a deal with the Great American Group and the Tiger Capital Group in a move that will oversee the streamlining of the ale process as well as the liquidation of inventory and assets.
The president and CEO of Gordmans, Andy Hall, promised that all of their stores were will continue to carry out their daily operations as usual. That will continue unless they give an official notice. The management team and its close associates are doing all within their means towards pushing for better service delivery as well as the provision of high end merchandise to guests.
Having been established in 1915, Gordmans has helped push for the facing out of the unemployment issue by employing 5,000 associates.
Sun Capital Partners is the private equity firm that owns the retail chain. At the moment, it boasts of an improved status since it now owns about 49.6 percent of Gordmans’ equity as has been revealed by the court filing.
Just like the rest of the companies around the globe, Gordmans Stores, Inc faces its challenges head-on .It understand the path towards great business growth and success is a rocky one. However, it looks forward to a lot of changes that will see to it that it maximizes its output and at the same time delivers high quality services.
