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Gordmans owner files for bankruptcy protection

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Gordmans owner files for bankruptcy protection
Red sign hanging at the glass door of a shop saying "Closed due to coronavirus".
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Gordmans owner Stage Stores, Inc. has filed for Chapter 11 bankruptcy protection and plans to wind down operations at stores in the region.

Stage held open the possibility that some stores could remain open if a bid for the company comes through. 

Stage has Gordmans (formerly Peebles)  stores in Seaford, Milford, Ocean City, MD, and Kennett Square would close. Stores in Rehoboth Beach and Rehoboth closed earlier. The stores have been closed since stay and home orders were issued.

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The company currently anticipates that the first phase of approximately 557 stores will open on May 15, 2020, the second phase of approximately 67 stores is expected to open on May 28, 2020 and the balance of the chain is expected to open on June 4.

The company will provide updates as to the location and timing of stores that are opening on its website, www.gordmans.com.

Stage had been converting Peebles stores to the Gordmans name and an off-price format. Peebles had operated fashion department stores in smaller markets.  

Shares of Stage have dropped below 38 cents a share.

Michael Glazer, CEO, said the coronavirus crisis made efforts to find financing more difficult and led to the decision.

Peebles department stores to convert to Gordmans name with fate of Rehoboth location up in the air

 

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