Gordmans to remain open in Woodbury
The Woodbury Gordmans will be the last remaining store in Minnesota after the company listed several closures in its most recent bankruptcy filings over the weekend.
The Omaha, Neb.-based retailer listed 57 stores expected to remain open, as well as 48 locations that will close, according to bankruptcy filings.
The Woodbury store at Tamarack Village will be one of six Minnesota stores that will remain open. An earlier report indicated all Twin Cities area stores would close.
Stores in Burnsville, Coon Rapids, Edina, Roseville, Mankato and Appleton are on the closing list.
The century-old discount department store filed for bankruptcy protection last month, joining several national retailers that have struggled with sluggish sales due largely to changes in consumer shopping and spending habits.
Gordmans listed a $131 million debt in its Chapter 11 papers filed last month in U.S. Bankruptcy Court.
The company operates more than 100 stores in 22 states, employing more than 5,000 people.
Houston-based retailer Stage Stores will take over the Gordmans stores staying open after acquiring more than half of Gordmans' remaining assets for $75.6 million.
Stage Stores said it plans to keep the Gordmans brand.
"We believe the Gordmans business model offers great potential and, without the burden of a high level of debt, unprofitable locations and an oversized infrastructure, we expect the Gordmans business will be accretive to our earnings," said Stage Stores' CEO and President Michael Glazer in a statement.