Gordmans Might Be Filing for Bankruptcy!
In the words of DJ Khaled: "Another one" or in the words of Queen: "Another one bites the dust."
Lately all we've been hearing about are stores closing or filing for bankruptcy and Gordmans could potentially be the latest one. Bloomberg reports that the department store's shares have fallen more than 75% just in the last year.
The retailer has about $85 million in debt, with much of it due in 2020."
Although the article claims that Gordmans is preparing for bankruptcy, the company has not confirmed or denied this report. Grand Folks Herald says that representatives from Gordmans are not going to comment on "rumor or speculation."
Gordmans is a discounted department store, based out of the Midwest, and has been in operation for over 100 years! According to their website, they currently have 106 stores in 22 states. Four of those locations are in Michigan with two on the west side of the state, in Wyoming and Norton Shores.
Many retailers across the country are in the same boat, such as Sears, JCPenney and Macy's, who have all announced they would be shutting hundreds of stores. This is mostly due to the increase of online shopping.