|
Gordmans, a chain of
Midwestern off-price department stores, will be closing its doors in
Coralville, Cedar Rapids and Davenport by the end of May.
Going out of
business signs are up at all three Eastern Iowa location and clearance
sales are underway as owner Stage Stores appears to be shuttering a number
of locations across the country. The company, which also operates Bealls,
Goody’s, Palais Royal, Peebles and Stage retail locations,
has issued no formal statement, although a Google search indicates dozens
of stores announcing closures across the Midwest, including Sioux City and Des Moines here in Iowa.
Coralville store
employees said they were notified of the closures last week and planned to
shut down operations May 30.
Founded in 1915 and
based in Omaha, Nebraska, Gordmans sells apparel and footwear for men,
women and children, as well as accessories, home décor, gifts, designer
fragrances, fashion jewelry, bedding and bath, accent furniture and
toys.
Gordmans, operated
106 retail stores in 22 states as of March 2017 when it filed for Chapter
11 bankruptcy protection. Stage Stores acquired most of the chain's assets
later that year and swiftly closed 48 locations, although the three Eastern
Iowa stores were initially spared.
Chain Store Age
reported earlier this month that Stage Stores was eying
bankruptcy amid a cash crunch
that led to late payment of vendors and other issues. It reportedly hired
investment bank and financial services firm Peter J Solomon and law firm
Kirkland & Ellis to help it refinance its bank debt.
|
No comments:
Post a Comment