Nearly Half of Gordmans Stores to Stay Open
Just over two weeks ago, it appeared almost certain that the more than 100 Gordmans stores around the midwest would be closing. That is until a white knight arrived, in the form of another company.
Stage Stores Inc. has announced they plan to buy 50 or more Gordmans stores, and keep them open! They also will run one of the Gordmans distribution centers.
The News-Journal says Michael Glazer, the CEO for Stage, announced via a release that the company is buying Gordmans' most profitable stores. Right now, there's no word on whether any of those stores are in Iowa. Our state has a total of nine locations, currently. Here's hoping this announcement is good news for those Gordmans stores in Cedar Rapids, Coralville, Waterloo, Davenport, Des Moines (two), West Des Moines, Council Bluffs, and Sioux City.
Stage Stores has high hopes for the locations they're buying, with Glazer saying,
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."
According to Stage's website, they have 820 stores in 38 states. Wikipedia says their storefront names include Palais Royal, Peebles, Goody's, Bealls, and of course, Stage. There are only two locations in Iowa, a Goody's in Keokuk and a Peebles in Mount Pleasant.