Gordmans Plans IPO
June 14, 2012,
In the most recent fiscal year, Gordmans reported net income of $25.2 million on sales of $551.5 million. For the first quarter ended April 28, the 78-unit retailer posted $8.05 million on sales of $133.9 million.
"While we technically compete within the off-price segment of the industry, we are actually a unique hybrid of specialty, department store, big box and off-price retailers," the company states in its prospectus, which has been filed with the Securities and Exchange Commission.
In September 2008, Sun Capital Partners acquired 100% of the retailer's outstanding stock. Currently, 40,000 share of the stock are held by the founding Gordmans' family members.
With approximately 19 million share of stock now outstanding, the sale would involve approximately 15% of all shares, which the Omaha Word Herald estimated as worth about $55 million.
Gordmans' shares are listed on the Nasdaq Global Select Market under the symbol GMAN. It held its first public offering in August 2010 of more than 5.3 million shares of common stock at a price of $11 per share, according to the Herald.
During fiscal 2010, Gordmans paid Sun more than $2.3 million in consulting fees and dividends. The retailer severated the services agreement with Sun in August 2010 in preparation for an IPO and paid Sun Capital Management a termination fee of $7.5 million.
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