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Discount retailer Gordmans has filed for bankruptcy and said in a news release that its stores will be liquidated.
A manager at the Gordmans in Sioux Falls said the staff hasn’t received any word yet about when a liquidation company will be brought in or when the store might close.
Gordmans and earlier variations of the chain have been in the city since at least 1990. Its current location is on The Empire Mall campus. Rapid City also has a store.
In the news release, Omaha-based Gordmans Stores Inc. said it has entered into an agreement with Tiger Capital Group LLC and Great American Group LLC to liquidate the inventory and other assets of its stores and distribution centers. Its filing was for Chapter 11 bankruptcy.
“Until further notice, all Gordmans stores are operating as usual without interruption,” said Andy Hall, president and CEO.
Gordmans, a publicly traded company, owns more than 100 stores in 22 states and employs about 5,100 people.
The retailer traces its roots to 1915, when Sam Richman opened a clothing store in Omaha. Dan Gordman, a former Bloomingdale’s executive, later joined him.
Private equity firm Sun Capital Partners bought the regional chain in 2008 and took it public two years later.
Gordmans has filed for Chapter 11 bankruptcy.