Stage Stores has purchased a portion of Gordmans’ assets. A Stage Stores subsidiary won its bid to acquire a minimum of 50 store leases from the Omaha, Neb.-based off-price department store chain through a bankruptcy auction.
Gordmans filed for Chapter 11 on March 13, 2017. Through the acquisition, Stage will expand its portfolio with the “addition of complementary concept and customer demographics in new Midwest markets,” according to published reports.
“We believe the Gordmans business model offers great potential and, without the burden of a high level of debt, unprofitable locations and an oversized infrastructure, we expect the business will be accretive to our earnings,” said Michael Glazer, President and CEO of Stage Stores in a statement.
Stage Stores currently operates 798 specialty department stores in 38 states.