Gordmans plans IPO
HTT Staff -- Home Textiles Today, 5/21/2012 12:31:39 PM
Omaha, Neb. - Gordmans Stores, the regional value-priced department store for apparel and home, announced it will hold an initial public offering.
In the most recent fiscal year, Gordmans reported net income of $25.2 million on sales of $551.5 million. For the first quarter ended April 28, the 78-unit retaler posted $8.05 million in net income on sales of $133.9 million.
"While we technically compete within the off-price segment of the industry, we are actually a unique hybrid of specialty, department store, big box and off-price retailers," the company states in its prospectus, which has been filed with the Securities and Exchange Commission.
In September 2008, Sun Capital Partners acquired 100% of the retailer's outstanding stock. During fiscal 2010, Gordmans paid Sun more than $2.3 million in consulting fees and dividends. The retailer severated the services agreement with Sun in August 2010 in preparation for an IPO and paid Sun Capital Management a termination fee of $7.5 million.
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