Department store chain Gordmans files for bankruptcy

Gordmans Stores IPO
A Gordmans store is seen in Omaha, Neb., Thursday, Aug. 5, 2010. (AP Photo/Nati Harnik)

COLORADO SPRINGS, Colo. — Department store chain Gordmans is filing for bankruptcy protection and plans to liquidate inventory and assets in all of its stores.

The Omaha, Nebraska-based company announced Monday it filed for Chapter 11 bankruptcy protection.

Gordmans posted losses in 5 of its last 6 quarters. It also reported a 9.4 percent drop in same-store sales in its most recent quarter, according to officials.

Andy Hall, CEO and president of Gordmans, said all stores will operate as usual until further notice.

“The management team and all of our associates remain committed to continuing to provide great merchandise and service to our guests during this process,” he added.

The company estimated its debts total between $100 million and $500 million.

There are seven total Gordmans locations in Colorado – two in Colorado Springs and five in the Denver metro area.

 

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