G-Estate Liquidation Stores (GMAN) 8-K/A Results of Operations and Financial Condition

Exhibit 99.1

GORDMANS STORES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in Thousands)

	July 30, 2016 (Unaudited)			January 30, 2016			August 1, 2015 (Unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	9,426		$	6,969		$	9,946
Accounts receivable		4,368			3,896			3,608
Landlord receivable		5,751			3,805			2,561
Income taxes receivable		1,344			2,746			11,001
Merchandise inventories		110,472			106,566			118,889
Deferred income taxes		4,965			5,077			2,896
Prepaid expenses and other current assets		9,470			8,096			9,985
Total current assets		145,796			137,155			158,886
PROPERTY AND EQUIPMENT, net		92,421			86,375			86,955
INTANGIBLE ASSETS, net		1,820			1,820			1,820
OTHER ASSETS, net		3,711			3,822			3,563
TOTAL ASSETS	$	243,748		$	229,172		$	251,224
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable	$	73,387		$	66,393		$	79,436
Accrued expenses		29,990			30,151			27,235
Current portion of long-term debt, net		36,921			18,390			31,711
Total current liabilities		140,298			114,934			138,382
NONCURRENT LIABILITIES:
Long-term debt, less current portion, net		26,484			27,345			28,145
Deferred rent		36,582			33,522			31,640
Deferred income taxes		12,720			18,130			16,318
Other liabilities		318			347			237
Total noncurrent liabilities		76,104			79,344			76,340
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY:
Preferred stock		—			—			—
Common stock		20		��	20			20
Additional paid-in capital		54,711			54,601			54,542
Accumulated deficit		(27,385	)		(19,727	)		(18,060	)
Total stockholders’ equity		27,346			34,894			36,502
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	243,748		$	229,172		$	251,224

GORDMANS STORES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Dollars in Thousands)

	26 Weeks Ended July 30, 2016 (Unaudited)			26 Weeks Ended August 1, 2015 (Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	(7,702	)	$	(2,657	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense		8,807			8,083
Write-off of deferred financing fees related to extinguishment of debt		—			1,722
Deferred tax valuation allowance		545			—
Share-based compensation expense, net of forfeitures		302			640
Amortization of deferred financing fees		132			355
Loss on retirement / sale of property and equipment		101			23
Deferred tax asset shortfall related to share-based compensation expense		(192	)		—
Deferred income taxes		(5,843	)		681
Net changes in operating assets and liabilities:
Accounts, landlord and income taxes receivable		(1,016	)		(3,156	)
Merchandise inventories		(3,906	)		(24,419	)
Prepaid expenses and other current assets		(1,373	)		(1,450	)
Other assets		111			80
Accounts payable		6,994			15,087
Deferred rent		3,060			(3,741	)
Accrued expenses and other liabilities		(1,002	)		(2,109	)
Net cash used in operating activities		(982	)		(10,861	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment		(17,895	)		(8,038	)
Proceeds from sale-leaseback transactions		3,752			2,412
Cash received on sale of property and equipment		44			—
Proceeds from insurance settlement		—			21
Net cash used in investing activities		(14,099	)		(5,605	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings on revolving line of credit		116,500			111,850
Repayments on revolving line of credit		(98,038	)		(92,502	)
Proceeds from secured term loan		—			30,000
Payment of long-term debt		(924	)		(29,518	)
Payment of debt issuance costs		—			(783	)
Payment penalty on early extinguishment of debt		—			(292	)
Dividends paid		—			(8	)
Proceeds from the exercise of stock options		—			31
Net cash provided by financing activities		17,538			18,778
NET INCREASE IN CASH AND CASH EQUIVALENTS		2,457			2,312
CASH AND CASH EQUIVALENTS, Beginning of period		6,969			7,634
CASH AND CASH EQUIVALENTS, End of period	$	9,426		$	9,946