Popular Iowa Retailer Prepares for Bankruptcy
A favorite department-store chain in the Midwest could soon be closing its doors. Gordmans is preparing to file for bankruptcy according to a report in The Gazette. And what's even worse is that they could be filing as soon as this month!
Eastern Iowa is home to four Gordmans locations, one off of First Ave in Cedar Rapids, one in Coralville, Waterloo, and Davenport.
One of the best things about Gordmans is that they aren't just an apparel store. They offer a variety of products from shoes and perfume to decorative pillows and artwork. They literally have an entire area dedicated to home décor.
The store that has everything, may soon have nothing. Despite the incredible merchandise and deals, Gordmans has been struggling in the recent years.
The store began to slow in 2014 and from there, the losses just began to snowball. The Gazette reports that the company's shares have dropped more than 75 percent in the last year, following significant loss in the past five of six quarters.
It seems as though with all of the options out there for shopping online, stores are seeing less and less traffic. It's unclear whether or not our locations here in eastern Iowa will be affected, but we'll keep you informed with any updates.