Discount administration abundance Gordmans filed for defalcation on Monday. The aggregation said in a account that it planned to banknote all its stores, but there was no adumbration of back the food would activate closing.
President and CEO, Andy Hall said, “Until added notice, all Gordmans food are operating as accepted afterwards interruption. The administration aggregation and all of our assembly abide committed to continuing to accommodate abundant commodity and account to our guests during this process”
Gordmans is marketed as an affordable administration store, affairs a advanced arrangement of articles including aggregate from appliance to adornment to cossack and apparel. It was founded added than a aeon ago in 1915 and currently operates 106 food in 22 states.
March 13, 2017
OMAHA, NE — (Marketwired) — 03/13/17 — Apparel and home décor retailer Gordmans Stores, Inc. (NASDAQ: GMAN) today appear that it has filed a autonomous address for abatement beneath Chapter 11 of the United States Defalcation Code in the United States Defalcation Court for the District of Nebraska.
Concurrently, Gordmans announced that it has entered into an acceding with Tiger Capital Group, LLC and Great American Group, LLC for the auction in defalcation of the account and added assets of Gordmans’ retail food and administration centers, accountable to the cancellation and Bankruptcy Court approval of a added favorable transaction. The ultimate aftereffect of the filing and defalcation auction is accountable to the blank and approval of the Bankruptcy Court.
“Until added notice, all Gordmans stores are operating as accepted afterwards interruption,” said Andy Hall, admiral and arch controlling administrator of Gordmans. “The administration aggregation and all of our assembly abide committed to continuing to accommodate abundant commodity and account to our guests during this process.”
ABOUT GORDMANS, INC.
Gordmans (NASDAQ: GMAN) is an accustomed value-priced administration abundance featuring a ample alternative of name brands and the latest fashions and styles at up to 60% off administration and specialty abundance prices. The advanced ambit of commodity includes accoutrement and cossack for men, women and children, as able-bodied as accessories, home décor, gifts, artist fragrances, appearance jewelry, bedding and bath, emphasis appliance and toys. Founded in 1915, Gordmans currently operates 106 food in 62 markets and 22 states.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This columnist absolution contains advanced statements, including the Company’s expectations apropos its restructuring action and the operation of its business during such process. These statements are based on assumptions and advice accessible to the Aggregation at the time of this columnist absolution and are not guarantees of approaching results. Advanced statements absorb risks and uncertainty, including, but not bound to, the accident that the Company’s restructuring may not be consummated in a address benign to the Aggregation and its operations; risks and uncertainties associated with the breadth of time the Aggregation will accomplish as a debtor-in-possession, which is not yet known; risks associated with the defalcation action and third affair motions in the Chapter 11 proceedings, which may arrest or adjournment the Company’s adeptness to able its restructuring; the adeptness of the Aggregation to access and advance accustomed agreement with customers, suppliers and account providers; the Company’s adeptness to advance affairs that are analytical to its operations during Chapter 11 proceedings; the Company’s banking achievement and results; availability of acceptable banknote breeze to accomplish the Aggregation during the Chapter 11 proceedings; and the accident factors set alternating in the Company’s best contempo Annual Report on Form 10-K and in consecutive letters filed with the SEC. The Company’s absolute after-effects could alter materially from those bidding in, or adumbrated by, the advanced statements. The Aggregation can accord no assurances that any of the contest advancing by the advanced statements will action or, if they do, what appulse they will accept on the Company’s after-effects of operations and banking condition. All advanced statements are able in their absoluteness by this cautionary statement, and the Aggregation undertakes no obligation to alter or amend this columnist absolution to reflect contest or affairs afterwards the date hereof.
MEDIA CONTACTJoan LukasOffice: 402-895-2552 ext. 322Cell: 402-917-3137
INVESTOR CONTACTICR, Inc.Brendon Frey(203) 682-8200
Source: Gordmans Stores, Inc.
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