Gordman's to Liquidate Entire Chain
Gordman's Stores has filed Chapter 11 bankruptcy and announced liquidation plans for its stores including the one in Normal in the Shoppes at College Hills in Normal.
The century old Nebraska department store chain is the latest victim in a climate that has seen customers shift to the internet.
Macy's has also gone through that trend and announced the closure of its store in Bloomington. The Gordman's in Normal is one of the anchor stores in the Shoppes at College Hills.
Gordman's operates more than 100 stores in 22 states and employs more than 5,100 people. The company says its stores will operate as usual for now, pending completion of the liquidation deal with Tiger Capital Group and Great American Group.
The company lists $131 million in debt in its bankruptcy filing and has lost money in five of the last six quarters, Vendors began to refuse to ship merchandise to the chain in March.
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