Gordman’s Preparing to File for Bankruptcy
Sluggish sales along with customers doing their shopping on the internet, could force a major Rockford area retailer with two Stateline locations to file for bankruptcy.
Gordman's, who has stores in the Rockord on East State Street and in Machesney Park on West Lane Road, could file for bankruptcy by the end of March according to a report in the State Journal Register.
The Gorman's Department Store chain has been around the Midwest more than a century, since 1915. According to the State Journal Register:
In recent years, Gordmans has struggled. Its growth slowed in 2014, and losses began to mount. The retailer has about $85 million in debt, with much of it due in 2020.
Gordmans' stock price fell below $1 last year, and the Nasdaq Stock Market threatened the company with delisting. It was given until May 1 to regain compliance with listing rules.
There is no word at this time on if Gordman's plans to close any locations here in the Stateline.
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