Gordmans files for bankruptcy, plans to liquidate

Department store chains Gordmans yesterday filed for bankruptcy and has plans to liquidate its inventory and assets.

The company has posted losses in five of its past six quarters. In the bankruptcy filing, Gordmans listed debt of $131 million.

Gordmans signed an agreement with Tiger Capital Group and Great American Group "for the sale in liquidation of the inventory and other assets of Gordmans' retail stores and distribution centers," subject to court approval or a better offer. CEO Andy Hall said in the statement the chain will, for now, operate "as usual without interruption.

Omaha, Nebraska-based Gordmans operates over 100 stores in 22 states and employs 5,100 people. The company's Springfield store is located at 3303 S. Campbell Ave.

Read more from the Chicago Tribune.