Gordmans Files for Bankruptcy – Will Liquidate All of Their Stores
It was just last week when there were “rumors” that Gordmans was preparing to file for bankruptcy but the company has finally confirmed them to be true.
Bloomberg reports that the discount department store filed for Chapter 11 (bankruptcy protection) on Monday March 13, stating $131 million in debt. Because of this, Gordmans will be liquidating all 106 of their stores in the 22 states they operate in. Over 5,000 employees may potentially lose their jobs after all is said and done.
Wyoming and Norton Shores are the two locations in West Michigan that will eventually go through the liquidation process. Liquidation normally leads to a business closing their doors, but the CEO of Gordmans Store Inc. says that as of right now everything will go on “without interruption.”
We don’t know yet when liquidation sales will begin.
Bloomberg says that loss in sales began in 2014 and continued to fall from there. This is mostly due to the decreasing foot traffic that has not only affected Gordmans but many retailers across the country. Gordmans is just one of many stores who are either liquidating or completely going out business.
In West Michigan, Sears at Woodland Mall will be closing the 26th of this month; MC Sports will begin layoffs at the end of the month; and after 85 years Family Christian will officially close by the end of April (WOOD-TV). If I were you NOW is the time to take advantage all of these sales!