OMAHA, Neb. — Department store operator Gordmans is filing for bankruptcy protection and plans to liquidate the inventory of its 106 discount stores.
The Omaha, Nebraska-based company announced Monday it had filed for Chapter 11 bankruptcy protection.
Gordmans had posted losses in five of its last six quarters. It's stock price fell to 6 cents a share Monday after the announcement.
"Until further notice, all Gordmans stores are operating as usual without interruption," said Andy Hall, president and chief executive officer of Gordmans, in a press release. "The management team and all of our associates remain committed to continuing to provide great merchandise and service to our guests during this process."
Gordmans did not give a time frame for the liquidation sale. It has stores in 22 states, including six in the St. Louis area.
It wasn't immediately clear how the St. Louis stores will be affected, but the Omaha World Herald reported that all stores will continue operating as normal as a bankruptcy court figures out the next steps.
According to the World Herald, Gordmans said in the court filings that liquidating "substantially all or substantially all of the debtors assets offered the best available alternative."