RIB MOUNTAIN – Wausau-area Gordmans shoppers can breathe a sigh of relief – at least temporarily – as the Rib Mountain store was included on a list of locations that could remain open after the parent company sells its assets to a rival department store chain.
Court filings in Nebraska, where Gordmans is seeking Chapter 11 bankruptcy protection, listed the Rib Mountain store among 56 of the better performing locations for the struggling department store chain. Those locations were named in court filings as “designated rights” stores that could remain in business under new ownership.
Last week, Stage Stores of Houston won the right to buy at least 50 Gordmans stores out of bankruptcy. Stage Stores reported in financial disclosures that it would operate the stores under the Gordmans brand.
“We are pleased to enhance our store portfolio with the most desirable Gordmans locations, giving Stage a strong Midwestern presence,” Stage President and CEO Michael Glazer said in a statement.
The department store chain, based in Omaha, Nebraska, filed for bankruptcy in March after its sales tumbled 20 percent after the first of the year.
Stores in Appleton and Grand Chute are slated for closure, while stores in Madison, Kenosha and Ashwaubenon are all included in the list of potential stores to be saved.
The list of closings filed with the court might be subject to change. Stage, operator of almost 800 U.S. retail locations, said Friday the definitive list would be posted to Gordmans’ website this week.
