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Gordmans Files for Bankruptcy and Will Liquidate Stores

OMAHA, NE -- (Marketwired) -- 03/13/17 -- Apparel and home décor retailer Gordmans Stores, Inc. (NASDAQ: GMAN) today announced that it has 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.

Concurrently, Gordmans announced that it has entered into an agreement with Tiger Capital Group, LLC and Great American Group, LLC for the sale in liquidation of the inventory and other assets of Gordmans' retail stores and distribution centers, subject to the receipt and Bankruptcy Court approval of a more favorable transaction. The ultimate outcome of the filing and liquidation sale is subject to the oversight and approval of the Bankruptcy Court.

"Until further notice, all Gordmans stores are operating as usual without interruption," said Andy Hall, president and chief executive officer of Gordmans. "The management team and all of our associates remain committed to continuing to provide great merchandise and service to our guests during this process."

Gordmans (NASDAQ: GMAN) is an everyday value-priced department store featuring a large selection of name brands and the latest fashions and styles at up to 60% off department and specialty store prices. The wide range of merchandise includes apparel and footwear for men, women and children, as well as accessories, home décor, gifts, designer fragrances, fashion jewelry, bedding and bath, accent furniture and toys. Founded in 1915, Gordmans currently operates 106 stores in 62 markets and 22 states.

Gordmans has several stores in Wisconsin including Kenosha, Madison, Appleton, Ashwaubenon, and Wausau.

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