Stage Stores Completes Acquisition of Selected Gordmans Assets

Stage Stores said Friday that it has closed its previously announced acquisition of selected assets of Gordmans Stores, Inc., including a minimum of 50 Gordmans store leases, with rights to assume leases for an additional seven stores and a distribution center; all of Gordmans’ inventory, furniture, fixtures, equipment and other assets at the 57 store locations; and trademarks and other intellectual property of Gordmans. SSI shares were down 2% in the afternoon trade.

The company said it expects to pay $35 million – $40 million for the inventory, with the final amount to be determined following the completion of a post-closing physical inventory count and an additional $2 million to $3 million for the other assets. Stage Stores intends to use existing cash and availability under its credit facility to fund both the transaction and any additional investments required to support the integration into the Stage infrastructure.

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