Gordmans Stores, Inc., an off-price department store chain, announced its plan for an initial public offering of up to $75 million shares of its common stock.
The Omaha, Nebraska-based company's proposed trading symbol is "GMAN" on the Nasdaq Global Select Market, according to the prospectus filed with the regulator.
The origins of Gordmans date back to 1915, when Russian immigrant Sam Richman opened Richman's, a small retail clothing store in downtown Omaha, Nebraska. In 1936, Sam's son-in-law Dan Gordman joined him in the business and re-named Richman Gordman to reflect the partnership.
In August 1999, first two Gordmans stores were opened in Tulsa, Oklahoma and changed the names of all other stores to Gordmans by March 2000. On September 17, 2008, an affiliate of Sun Capital Partners acquired 100% of the outstanding common shares of Gordmans.
Gordmans operated 67 stores as of April 30, 2010 in 16 primarily Midwestern states situated in a variety of shopping center developments.
Gordmans said it currently intends to retain all available funds and any future earnings to fund the development and growth of business and to repay indebtedness.
For the year ended January 30, 2010, the company posted net income of $15.8 million and generated net sales of $457.5 million.
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