Gordman Stores Beomes The Latest Retailer To File For Bankruptcy Protection

Clothing and home furnishings retailer Gordman Stores Inc. said Monday it has filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of Nebraska. The company, which operates 106 stores in 22 states, said it has entered an agreement with Tiger Capital Group LLC and Great American Group LLC for the sale in liquidation of its inventory and other assets of its retail stores and distribution centers, subject to the receipt and court approval of a more favorable transaction. In the meantime, the stores remain open for business as usual, Chief Executive Andy Hall said in a statement. The news comes as a growing number of retailers are forced into restructuring or bankruptcy filings, hurt by competition from Amazon.com Inc., as well as changing shopping behavior, falling mall traffic and pressure on spending.

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