Houston-based Stage Stores Inc. announced Thursday that its subsidiary prevailed in its bid to acquire select assets of Gordmans through a bankruptcy auction.
According to the press release, Stage's subsidiary will subject to exceptions in the purchase agreement.
This includes acquiring a minimum of 50 Gordmans store leases with rights to assume leases for an additional seven stores.
They will also acquire a distribution center, all of Gordmans’ inventory, furniture, and other assets at the 57 store locations, the trademarks and other intellectual property of Gordmans.
The transaction is expected to close during Stage’s first quarter of fiscal 2017, subject to the approval of the court.
According to officials, the remaining 48 stores and other facilities are expected to be liquidated by Tiger Capital Group, LLC and Great American Group, LLC pursuant to their joint bid with Stage.
