The company that owns and operates Gordmans stores has filed for bankruptcy and will begin the process of re-opening and selling off inventory at all of its stores, including the Sioux Falls location.
Stage Stores filed for Chapter 11 protections this week in its home state of Texas. The process of re-opening stores and liquidating product is set to begin Friday and run through June.
The worsening coronavirus pandemic prompted Stage to close the Sioux Falls Gordmans and all of its stores earlier this year and “furlough the vast majority” of its employees, President and CEO Michael Glazer said in an online statement.
“This is a very difficult announcement and it was a decision that we reached only after exhausting every possible alternative,” Glazer said in his statement. “Over the last several months, we had been taking significant steps to attempt to strengthen our financial position and find an independent path forward. However, the increasingly challenging market environment was exacerbated by the COVID-19 pandemic.”
The company is soliciting bids to sell off its assets and it will stop the liquidation and closure process if a buyer comes along with enough money to keep the stores afloat, according to the statement from Stage.
Read or Share this story: https://www.argusleader.com/story/news/business-journal/2020/05/14/gordmans-owner-declares-bankruptcy-liquidate-stores/5189800002/