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Relative to my feelings about Gordmans Stores (GMAN) nine months ago, a lot of my biggest worries have materialized and come home to roost, burying the stock under a mound of guano. Sluggish traffic is an issue across the retail space (amply demonstrated by many mall-based teen retailers), but Gordmans seems to have particular issues with its merchandising and it is taking a toll on same-store sales. What's more, I really disagree with the company's decision to pay out a sizable debt-funded special dividend earlier this year.

I feel as though I am in an uncertain and uncomfortable place with Gordmans now. I believe management is moving aggressively to deal with its merchandising issues, and I...

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