Liquidating store rich dating poor
MC Sports bankruptcy to add 23 more stores to Michigan's list of closings 1 Sears, 4 Macy's and 10 Kmart closings create retail challenge in Michigan Gordmans operates four Michigan locations: The bankruptcy was announced on Monday, March 13.
Gordmans Stores filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Nebraska.
(Versa also recently closed all remaining Wet Seal stores amid that teen apparel chain's second bankruptcy in about two years.) Meanwhile, Cabela’s, which like Gander is a major gun and ammunition seller, continues to struggle as it awaits the final word from the Federal Trade Commission regarding its proposed acquisition by privately held rival Bass Pro Shops.
Many of these retailers are offering the same brands and merchandise mix as each other, forcing them to compete on price.
S., was hobbled by mounting debt, weak e-commerce returns and failures to meet increasing challenges in the space, and ultimately filed for bankruptcy and liquidated last year.
Dick’s Sporting Goods meanwhile was able to snap up its intellectual property and many of its stores.
Fierce competition in sporting goods retail and in some cases debt loads are catching up to retailers that may have overextended themselves or failed to keep up with evolving trends and changing customer demands.
"Ever since the company announced its store closure list, those stores have seen better-than-expected sales and traffic," J. Local shoppers will come out for a variety of reasons — some out of nostalgia and some who are just looking for a great deal." It's "prudent to continue selling through our spring and summer merchandise at the current promotional levels and begin our liquidation sale a month later than originally planned," Avila continued.
The company hasn’t listed a time frame yet for when it plans to close its stores and liquidate their inventory.
“Until further notice, all Gordmans stores are operating as usual without interruption,” said Andy Hall, president and chief executive officer of Gordmans.
The filing estimated debt of 0 million to 0 million.
Gordmans stores account for more than 3.8 million square feet of retail space, and employ more than 4,000 people, according to its website.