Jeff Gordman is retiring from Gordmans Stores Inc., the business his great-grandfather founded nearly 100 years ago.
Gordman joined the company in 1990 and has been president and chief executive officer since 1996. He led a repositioning of the firm and changed its nameplate to Gordmans from Half Price Store in 2000. He continued with the company after it was sold to private equity firm Sun Capital Partners in September 2008. Gordmans completed an initial public offering in 2010.
T. Scott King, who is chairman of Gordmans, will become interim ceo until a successor is hired. King, a senior managing director at the private equity firm, will take a leave of absence from Sun Capital while acting as interim ceo.
Shares of Gordmans rose 4 percent to close at $6.27 in Nasdaq trading after the firm posted fourth-quarter results that beat Wall Street’s consensus estimate by 3 cents.
For the three months ended Feb. 1, Gordmans said fourth-quarter net income for the period ended Feb. 1 fell 65.6 percent to $2.7 million, or 14 cents a diluted share, on a net sales decrease of 1.2 percent to $200 million. Wall Street was expecting 11 cents a share.
For the year, net income fell 65.9 percent to $8 million, or 41 cents a diluted share, on a net sales gain of 2 percent to $619.6 million.