Gordmans Stores CEO steps down

Gordmans Stores (NASDAQ: GMAN) announced that its president and CEO, Jeff Gordman, has given his resignation to the board.

T. Scott King, the current chairman of Gordmans' board, will serve as interim CEO while the company seeks a successor to Gordman. King will take an unpaid leave of absence from his position as senior managing director at Sun Capital Partners while he serves in the interim position.

Gordman joined the company in 1990 and has been president and CEO since 1996. During his time at the helm, he helped reposition the business, overhaul the merchandising, marketing and stores strategy, develop a store prototype growth vehicle and change the store trade name from Half Price Store to Gordmans.

In 2008, Gordman sold the company to Sun Capital Partners, one of the largest private equity firms in the country. He later led a successful initial public offering of common stock for Gordmans in 2010 as well as a secondary public offering in 2012.

Gordman is retiring to spend more time with his family and pursue outside interests.

Gordman's great-grandfather, Dan Gordman, founded the company in 1936 in Omaha, Neb. The retailer currently operates 95 stores in 55 markets and 20 states in the U.S.

Gordmans also revealed its fourth-quarter earnings on Tuesday. The company earned $2.7 million, compared with $7.9 million during the year-ago period. Net sales fell 1.2 percent to $200 million while same-store sales fell 7.4 percent during the quarter. The most recent period included 13 weeks of sales, compared with 14 weeks in the year-earlier period.

For more:
-See this Gordmans Stores press release
-See this Wall Street Journal article

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