Gordmans Stores (GMAN) is an everyday low price retailer with 68 locations across 16 states in the Midwest, offering discounts of up to 60% off department store prices on branded men's and women's apparel, home decor and accessories. Having spent the past few years enhancing its merchandising strategies to obtain products at bargain prices and better recognize and track fashion trends, the executives at Gordmans are now looking to accelerate the company's growth, planning a 10% increase in store locations per year. The company, which was acquired in September 2008 for $56 million by private equity firm Sun Capital, has filed to offer 5.4 million shares at a range of $13-$15 with 40% of the IPO proceeds going to insiders. Piper Jaffray and Wells Fargo Securities are the lead underwriters on the deal, which is scheduled on the IPO calendar for later this week.
Read our full IPO Commentary on Gordmans Stores.
