Financial woes caused at least in part by the pandemic appear to have claimed one local store.
Gordmans Department Store, which opened in the former Peebles space in the Morrisville Plaza a few months ago, didn’t open on Monday and it’s unclear when, or if, it will.
Texas-based Stage Stores, the parent company of Gordmans, Peebles and several other chain department stores, filed for Chapter 11 bankruptcy earlier this month. Chapter 11 protects a company against creditors while it reorganizes its finances, under the supervision of a federal bankruptcy court.
However, analysts question whether Stage will be able to emerge from bankruptcy. The betting line is that the company will shutter all of its stores if it can’t find a buyer soon. Going-out-of-business sales began at some stores last Friday.
— Andrew Martin