INDIANAPOLIS -- Two national retailers with stores in central Indiana have filed for bankruptcy; one is closing stores while the other is liquidating its assets.
Gordmans, which operates eight stores in Indiana including one in Avon, announced Monday that it filed for Chapter 11 bankruptcy.
The retailer says it has an agreement "for the sale in liquidation of the inventory and other assets of Gordman's retail stores and distribution centers," subject to Bankruptcy Court approval or a more favorable transaction.
Liquidation usually leads to store closings but the president and CEO of Gordmans says all stores will operate as usual until further notice.
On Friday, Gander Mountain announced that it filed for Chapter 11 and is looking for a buyer.
In the meantime, 32 'underperforming' stores will be closed including one in Greenfield and one in Merrillville.
The company released this statement:
"The decisions to close these stores was not an easy one, and was made only after an extensive strategic review of our options. A Gander Mountain store generally employs 20-30 full time-people and another 20-30 on a part-time and seasonal basis. Our employees at stores affected by these closings may be considered for employment opportunities elsewhere within our system."