The company, started in 1915 by Dan Gordman and his father-in-law Sam Richman, has more than 4,000 employees working in 3.5 million sf in 16 states, from Colorado to Kentucky, and from North Dakota to Mississippi. The retailer carries name brands at discount prices. President and CEO Jeff Gordman, Dan's grandson, says he's proud of the company's growth and success. "We have determined that the best path going forward is to join forces with Sun Capital Partners, a financial sponsor with the capital resources and experience in several retail sectors that will allow us to fully realize and accelerate our growth potential," Jeff Gordman said in a statement.
Gordman will continue in his role as president and CEO. He did not respond to further questions about the sale.
The purchaser is a private investment firm specializing in leveraged buyouts and investments in market-leading companies. Sun's retail portfolio already includes retail and restaurant affiliates such as the Limited, Boston Market, Friendly Ice Cream, Hickory Farms, Bruegger's Bagels and Fazoli's. Brian Urbanek, VP with the company, did not return calls for comment.
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