Stage Stores acquires selected Gordmans assets
McAfee & Taft was pleased to serve as legal counsel to Stage Stores, Inc. (NYSE: SSI) in its recent acquisition of selected assets of Gordmans Stores, Inc. through a bankruptcy auction. The assets include a minimum of 50 Gordmans store leases, with rights to assume leases for an additional seven stores and a distribution center; all of Gordmans’ inventory, furniture, fixtures, equipment and other assets at the 57 store locations; and Gordmans’ intellectual property portfolio.
Stage Stores, Inc. operates nearly 800 specialty department stores in 38 states and a direct-to-consumer channel under the BEALLS, GOODY’S, PALAIS ROYAL, PEEBLES and STAGE nameplates. According to the Houston-based company, the acquisition expands and diversifies Stage’s portfolio with a complementary concept and attractive customer demographics in new Midwest markets. Gordmans will continue to operate as a separate brand, with continuity in store and distribution center staffing. The brand will be centrally operated from Stage’s Houston support center after welcoming talent from the Gordmans team in Omaha.
“By acquiring Gordmans, we believe that we have an opportunity to benefit from its off-price competencies, deep connection with a youthful customer, and strong home and gifts businesses,” said Michael Glazer, president and chief executive officer of Stage Stores. “We are pleased to enhance our store portfolio with the most desirable Gordmans locations, giving Stage a strong Midwestern presence in markets generally larger than those we serve today. We plan to maintain the Gordmans brand and look forward to welcoming a significant number of Gordmans employees to our Company.”