According to Gordmans website, the retail chain (NASDAQ: GMAN) has filed Voluntary Chapter 11 Bankruptcy as of March 13, 2017, Gordmans currently has 106 retail stores in 22 states and employees over 5,000 people.
Chief Financial Officer James B. Brown said in documents filed in court that “the company’s sales declined because retail traffic slowed and less than 1 percent of Gordmans sales were made online in the past year.”
Since the fall of 2016, Gordmans stocks have been trading less than $1.00 and on Monday closed at 7.5 cents per share.
According to Bloomberg.com; the company has posted losses in five of the last six quarters with a loss of $131 million.
Chief Executive Office, Andy Hall said in a statement for now the chain will operate “as usual without interruption”.
Details of the liquidation still have not been disclosed.