Gordmans receives approval of Tiger, Great American as stalking horse

New York, March 22 – Gordmans Stores, Inc. received approval of its selection of Tiger Capital Group, LLC and Great American Group, LLC as the stalking horse agent for the sale of its assets, according to an order filed Wednesday with the U.S. Bankruptcy Court for the District of Nebraska.

The deadline for bids for the assets was set at 5 p.m. ET on March 28.

If necessary, an auction will be held on March 29 starting at 11 a.m. ET.

A court hearing on the transaction will be held at 2 p.m. ET on March 30.

The bankruptcy court also approved the other parts of the bidding procedures for the sale.

As previously reported, Tiger and Great American will receive a $1.13 million break-up fee and an expense reimbursement if the agency agreement is terminated.

Tiger and Great American have guaranteed that Gordmans will receive 51% of the total retail price of its merchandise, based on a minimum price of $145 million and a maximum price of $153 million.

Omaha-based Gordmans is an everyday value-priced department store. The company filed bankruptcy on March 13 under Chapter 11 case number 17-80304.

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