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Two Suitors Emerge for Gordmans

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Two potential bidders have emerged for the midwestern department store chain, which recently filed for bankruptcy, according to The Daily Nonpareil. At the time, Gordmans announced plans to liquidate its assets to cover the $131 million it owes to creditors.

One interested party is former Gordmans CEO Jeff Gordman, great grandson of the store’s founder. In court documents, Gordman said he intends to submit a bid as Jeff Gordman Advisory, an LLC established to continue running the store as a going concern.

“I love this company,” Gordman told ABC News. “I am doing it for the most important stakeholders, the employees that are the heart and soul.”

Stage Stores, which operates more than 800 doors including Bealls, Peebles and Stage, is also interested in acquiring the chain and operating some locations as well as one warehouse.

Interest from the two parties comes after months of searching for a potential buyer.

Gordmans employed more than 5,000 employees. The company plans to close its headquarters and warehouse in May but before that happens, creditors would like time to evaluate any incoming offers.

“The creditor’s committee believes that every opportunity for a going concern sale—which may potentially increase the recovery of unsecured creditors, minimize claims from the rejection of the debtors’ unexpired real property leases, and preserve jobs—must be aggressively explored and promoted,” said the court filing.

If bids materialize, any resulting deal would need to be approved by the bankruptcy court.

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