Driving by Gordman’s in Linton, signs are showing the store will soon be closing. Some more information can be found on a recent update on their website by Gordman’s President and CEO Michael Glazer:
We recognize how hard the last few months have been on our guests and our associates. Like many others, our business was significantly impacted by COVID-19. We temporarily closed all of our stores as we have worked to manage through this challenging environment. Despite all of our efforts, we have been unable to obtain necessary financing to continue operating as an independent business.
Michael Glazer
We have therefore filed voluntary petitions under Chapter 11, as we simultaneously run a sale process for our business or any of our assets and initiate an orderly wind-down of our operations. We hope our actions over the last several months to reposition the business will attract the right partner who is interested in our off-price concept. If we receive a viable bid for the business, we will terminate our winddown of operations at certain locations. This is incredibly difficult news to deliver and it is a decision that we came to after exhausting all other options.
President and CEO
Stage Stores
The website also has a list of frequently asked questions around the Chapter 11 bankruptcy, covering such things as returns, rewards, store credit cards, gift cards, and coupons.
Gordman’s held the Linton store’s Grand Opening on March 7, 2019, slighty over a year ago. The COVID-19 pandemic may play a part in the closing, with the Wall St Journal reporting that over 100,000 small businesses may close due to the pandemic; Stage stores, who owns the Gordman’s brand, has been having trouble for a while.
On top of the estimated $365 million debt that they own, their stock prices have been steadily falling over the past year:
An official closing date for Gordman’s Linton location has not been set. We’ll update this post as more information becomes available.