Gordmans Bankruptcy Store Closings: Here’s the Whole List
Gordmans, Peebles, Palais Royal, Bealls and Goody’s stores, owned by Stage Stores, are planning to close stores nationwide. Here’s what you need to know, when to plan for store closing clearance sales, and how gift cards, credit and returns will be handled.
On March 27, Stage Stores and Gordman’s temporarily closed all 738 of its stores due to the Coronavirus pandemic. Since then, they’ve remained closed. However, they’re now planning to reopen in phases. But, unfortunately they’re reopening only to have store closing clearance sales. Because, unless they can find an investor bail out they will close permanently.
Most importantly is the fact that gift cards and returns will only be honored for 30 days after stores reopen. Depending on when your store reopens from the Coronavirus closings, you may have a month to use your credit, gift cards or make returns.
In March, Stage Stores and Gordmans – like pretty much all other retail stores – were forced to close their doors. This impacted them especially hard because they were already severely struggling.
Today we announced taking action in response to increasingly challenging market conditions and the impact of the COVID-19 pandemic. Most important to our customers is the temporary closing all 738 of its stores at 6 p.m. local time today. Prior to today’s closings, the organization had approximately 393 stores closed in compliance with state and local regulations.
Gordman’s Files for Bankruptcy
Despite efforts to secure funding, Stage Stores, the owner of Goody’s, Peebles, and Gordmans, has so far been unsuccessful.
The company said it will “terminate the wind-down of operations at certain locations if it receives a viable going-concern bid.”
In other words, they’re closing all stores unless they get a bail out investor. So, all stores are set to close. But, some may be saved if they get bought out.
Therefore on May 10, 2020, they issued this release on their website.
Dear Valued Customer,
Through our family of businesses and stores, Stage Stores has brought style and savings to our communities for more than 100 years. We have always appreciated the loyalty of our guests and have prided ourselves on offering bigger deals, smaller prices and an exceptional shopping experience.
We recognize how hard the last few months have been on our guests and our associates. Like many others, our business was significantly impacted by COVID-19. We temporarily closed all of our stores as we have worked to manage through this challenging environment. Despite all of our efforts, we have been unable to obtain necessary financing to continue operating as an independent business.
We have therefore filed voluntary petitions under Chapter 11, as we simultaneously run a sale process for our business or any of our assets and initiate an orderly wind-down of our operations. We hope our actions over the last several months to reposition the business will attract the right partner who is interested in our off-price concept. If we receive a viable bid for the business, we will terminate our winddown of operations at certain locations. This is incredibly difficult news to deliver and it is a decision that we came to after exhausting all other options.
Temporary Reopening Plan
So, Gordman’s is opening? I thought they were going out of business? Yes, for now Gordmans is reopening. But, they’re opening only to sell everything in store-closing clearance sales. In other words, in order to liquidate, they first have to reopen after the coronavirus shut down. And, in order to prepare for possibly permanently closing, these stores will begin to clearance everything in stock. In other words, they are opening stores to start their “store closing” clearance sales. Of course, if they can find an investor then they may be able to save themselves from permanently closing.
Gordmans reopening plan includes the plan to open 557 stores on Friday. Then, an addition 67 will reopen on May 28, and the rest on June 4.
What This Means to Customers
Most importantly is the fact that gift cards and returns will only be honored for 30 days after stores reopen. Depending on when your store reopens from the Coronavirus closings, you may have a month to use your credit, gift cards or make returns.
According to Gordman’s website, here are the most important things guests should know:
- We are reopening our stores in phases, starting on May 15. We will provide updates on our website about the timing and location of store openings. Keep an eye out on our website for when our store near you opens.
- You will find even bigger deals and smaller prices at our store-closing sales. Our top-trend, brand name apparel and home décor merchandise will all be on sale.
- Your health and safety are our top priority. We will continue to follow health authorities’ recommendations and industry best practices as we reopen to ensure our guests and associates feel comfortable in our stores and facilities. And, we will provide additional information about the steps we are taking, which include ensuring appropriate social distancing, the use of face covers, enhanced cleaning and sanitation, modified purchasing and returns processes, and good hygiene and health awareness.
- We expect to honor existing customer programs, including gift cards and returns, for the first 30 days after a store reopens. We will not be issuing gift cards at this time and we encourage you to use them while you can.
Which Gordman’s stores are closing?
In short, all Gordman’s stores are set to close unless they can find an investor. As of now, they’ve said that some stores might be saved from closing if an investor partner joins them. However, those stores have not yet been disclosed. Find the whole list here.
