OH NO! Big Discount Retail Chain Declares BANKRUPTCY

March 16, 2017Mar 16, 2017

Another brick-and-mortar retail chain is declaring bankruptcy.

According to the Lincoln Journal Star, discount retail chain Gordmans has filed for Chapter 11 protection from debtors after sluggish sales.

The 102-year-old Omaha, Nebraska-based chain has 106 stores in 22 states.

But does this mean they’re all closing? That’s not quite clear yet.

The Gordmans website posted a “Yes, we’re open!” notice, insisting everything is fine.

“Rest assured that you’ll still find the same great values, styles and exceptional service. Our doors are open — and spring is waiting!” the notice reads.

But two liquidation companies are already in place to eliminate inventory and almost 600 jobs (in Nebraska and Indiana) are now on the chopping block for May in a company that employs just over 5,000 employees nationwide, according to KTAR News.

According to Fox 6, the company is $131 million in debt.

What do you think about this?