Former Gordmans CEO Jeff Gordman is leading one of two groups bidding on the assets of the Omaha-based discount department store chain.
Both bidders reportedly want to keep at least some of the 106 stores open in Nebraska and 21 other states.
Gordmans filed for bankruptcy protection last week after posting losses in five of the last six quarters.
The century-old chain employs five-thousand people.
The other bidder is Stage Stores, based in Texas, which has some 800 stores using various names.