Stage Stores has 13,600 employees, according to … The crisis has ushered in a new wave of troubles for U.S. retailers, many of which were already struggling with large debt loads and dwindling store traffic years before the coronavirus outbreak forced weeks-long store closures. Stage Stores is close to closing up shop, including at the newly converted Gordmans stores in Southeast Texas. Americans are increasingly shopping online instead of at the mall, and they say that dynamic is likely to solidify in the coming months, even as states and municipalities begin lifting stay-at-home orders. “Given these conditions, we have been unable to obtain necessary financing and have no choice but to take these actions.”. Losing an anchor department store, analysts say, will only hasten their demise. By signing up you agree to our Terms of Use and Privacy Policy, Stage Stores files for bankruptcy, says it will liquidate hundreds of stores and search for a buyer. The Services. Its shares are down more than 95 percent this year. According to its website, Stage entered an off-price segment to acquire Gordmans in 2017. It will begin reopening stores that have been closed by the pandemic, with approximately 557 outlets slated to open on May 15 for liquidation … "Foremost among these is the poor cash position. But analysts said those gains weren't enough to protect the company from the coronavirus pandemic, which forced it to temporarily close its stores and furlough nearly all of its employees in March. Storewide liquidation sales are in progress. Stage Stores / TNS Stage Stores, which operates hundreds of Palais Royal, Bealls and Goody’s department stores, filed for Chapter 11 bankruptcy late Sunday, making it the third large retailer to do so in the last week. A bankruptcy judge approved the retailer’s plan to complete its ongoing liquidation and shut down its remaining stores, reported Law360. Americans are increasingly shopping online instead of at malls, and analysts say that dynamic is likely to solidify in the coming months, even as states and municipalities begin lifting stay-at-home orders. Stage Stores (Stage, Goody’s, Palais Royal, Bealls, Peebles, Gordmans) • Stage Stores, which operates about 738 stores under a variety of nameplates, including Bealls, Palais Royal, Peebles, Stage, Goody's and Gordmans, … J. The company reported $1.58 billion in annual revenue in 2018. Stage Stores, which operates hundreds of Palais Royal, Bealls and Goody’s department stores, filed for Chapter 11 bankruptcy late Sunday, making it the third large retailer to do so in the last week. Stage Stores, which mostly operates Bealls stores in North Texas, said it will begin liquidation sales as it begins to reopen stores on May 15. Since 2017, Stage has spent millions converting its department stores into Gordmans locations to compete with discounters such as T.J. Maxx and Burlington Coat Factory. Less than six months later, Stage Stores is in bankruptcy and set to liquidate all its stores and wind down unless a white knight buyer emerges to acquire and follow through on its unfinished plans. The company’s stock plunged 22 percent after the announcement. The Houston-based company said it is searching for a buyer and plans to reopen and liquidate its stores beginning Friday. Stage Stores will seek buyers for all or parts of its business and begin liquidating its inventory. The retailer has 738 stores across half a dozen brands, including the off-price chain Gordmans and the Peebles and Stage department stores, in small towns and rural areas in 42 states. After liquidation, the company will operate about 500 stores. The … The initial batch of 557stores will reopen and launch their sales on May 15, while a second set of approximately 67stores will open Minnesota and Mississippi followed, with eight each. (Mark Lennihan / AP) Stage Stores portfolio includes Stage department stores, Bealls, Goody's and Palais Royal. Liquidation will begin when stores reopen. Department store chains and mall-based retailers that sell clothing, housewares and other discretionary goods are at particular risk, analysts say. The efforts had been largely successful: Same-store sales — a closely-watched measure at stores open at least one year — rose more than 17% in the most recent quarter. Stage Stores announced Sunday that the company has filed for Chapter 11 Bankruptcy. We answer one every day in our coronavirus newsletter, How to help: Your community | Seniors | Restaurants | Keep at-risk people in mind. Its shares are down more than 95% this year. Once stores reopen, there will be liquidation sales, the statement says. “The increasingly challenging market environment was exacerbated by the COVID-19 pandemic, which required us to temporarily close all of our stores and furlough the vast majority of our associates,” Michael Glazer, the company’s chief executive, said in a statement. The … As Europe’s vaccination efforts falter, Russia and China are now seen as op... 900,000 infected. Stage Stores operates the off-price brand department store Gordmans … In its bankruptcy filing, Stage said it owes between $500 million and $1 billion to more than 10,000 creditors, including Nike, Skechers, Ralph Lauren, Levi Strauss and Adidas. Stage Stores operates hundreds of Bealls, Goody's, Palais … The corporate office was located in Houston, Texas.. Stage Stores will reopen many of its locations on Friday, only to start liquidation sales in conjunction … The company website lists a Peebles in Pennsville, Salem County, and a Gordmans in Kennett Square, as well as in Browns Mills, Bridgeton and elsewhere in South Jersey. The discount apparel and home decor retailer is a Stage Stores company and former sister store to Bealls, Goody’s, Palais Royal, Peebles and Stage. Losing an anchor department store, analysts say, will only hasten their demise. The company plans to start store liquidation sales within a few days of the announcement. Department store chain Lord & Taylor is liquidating all of its stores, as are Pier 1 Imports, Modell’s, Stage Stores and New York & Co. Most of the wholesale customers who purchase our Closeout Sales and Wholesale Merchandise are customers who resell in Auction Houses, Ebayers, Craigs Listers, Exporters, Brokers and Retailers. Its shares are down more than 95% this year. Since 2017, Stage has spent millions converting its department stores into Gordmans to compete with such discounters as TJ Maxx and locally based Burlington (the former Burlington Coat Factory). Stage Stores will begin liquidation sales at 550 stores Friday, with others following suit in coming weeks. If no buyer emerges, stores would close following their liquidation sales. U.S. employers added only 49,000 jobs in January, underscoring coronavirus’ damage, The best places to buy engagement rings in Philadelphia, Super Bowl LV ticket prices keep dropping days before the big game, Amtrak will pay employees to get coronavirus vaccine, Pennsylvania will get nearly $26 million from McKinsey opioid settlement, U.S. unemployment claims fell to 779,000 last week, but job cuts grind on, California residents do not sell my data request. Stores were usually located in shopping malls and centers or in standalone locations. The Houston-based company said it is searching for a buyer and plans to reopen and liquidate its stores beginning Friday. The latest bankruptcies and store closures, they say, will disproportionately affect the country's lower- and mid-tier shopping malls, many of which have also been gutted by widespread vacancies. Superspreader Sunday? Stage Stores owns the Gordman’s off-price discount stores at the Treasure Valley Marketplace in Nampa and at the Village at Meridian. Department store chains and mall-based retailers that sell clothing, housewares and other discretionary goods are at particular risk, analysts say. The company’s plan to complete liquidation and shutdown the … Debtors’ liquidation efforts, and the Debtors and all creditors of the Debtors’ estates benefitted from such services. Business news and analysis sent straight to your inbox every Tuesday morning. STAGING FURNITURE LIQUIDATION CENTER: Not New, But Not Used furniture. The Biden administration’s muddled message on reopening schools, Virginia governor calls on all schools in state to reopen by March 15. Graphic: The iconic brands that could disappear because of coronavirus. The company reported $1.58 billion in annual revenue in 2018. “Given these conditions, we have been unable to obtain necessary financing and have no choice but to take these actions.”. Most of the Closeouts and Liquidations ship directly from the department store reclamation centers, directly to you. Texas was hit hardest in the bankruptcy thinning, with 17 closings. If Stage Stores receives a viable acquisition bid, the retailer will cease its wind-down operations at certain locations. Crew and Neiman Marcus filed for bankruptcy protection last week, and analysts say others are nearly certain to follow. The crisis has ushered in a new wave of trouble for U.S. retailers, many of which were already struggling with large debt loads and dwindling store traffic years before the coronavirus pandemic forced weeks-long store closures. The liquidation sales will coincide with a phased reopening process. J. Stage Stores will begin liquidation sales at 550 stores Friday, with others following suit in coming weeks. "The coronavirus situation has hit the company hard and has exposed many underlying weaknesses of the business," Neil Saunders, managing director of GlobalData Retail, wrote in a note to clients on Monday. Stage Stores announced Sunday that the company has filed for Chapter 11 Bankruptcy. But analysts said those gains were not enough to protect the company from the coronavirus pandemic, which forced it to temporarily close its stores and furlough nearly all of its employees in March. Vaccines alone won’t solve the pandemic. “The coronavirus situation has hit the company hard and has exposed many underlying weaknesses of the business,” Neil Saunders, managing director of GlobalData Retail, wrote in a note to clients on Monday. The efforts had been largely successful: Same-store sales — a closely watched measure at stores that have been open for at least one year — rose more than 17 percent in the most recent quarter. The latest victim of the retail apocalypse is Stage Stores, which received approval to liquidate from the U.S. Bankruptcy Court in Houston on Aug. 14. Stage Stores has received court approval for its bankruptcy plan, which calls for the liquidation of all its stores and the wind down of the company. The company has very few cash reserves.". Stage Stores (SSI), the owners of Gordmans, Goody’s, Bealls, Palais Royal, Peebles, and Stage retail stores, has filed for Chapter 11 bankruptcy protection. Stage Stores was a department store company specializing in retailing off-price brand name apparel, accessories, cosmetics, footwear, and housewares throughout the United States. All stores are planning or operating liquidation sales, at price cuts from 10 to 60 percent according to Stage’s website. In its bankruptcy filing, Stage said it owes $500 million to $1 billion to more than 10,000 creditors, including Nike, Skechers, Ralph Lauren, Levi and Adidas. No one can cherry pick it in between. Stage stores, based in Houston, sells family clothing, accessories, cosmetics and footwear nationwide. The company’s stock plunged 22% after the announcement. Liquidation sales could soon occur at certain locations according to Michael Glazer, CEO and president of Stage Stores, as the company continues to try and attract a future buyer. Stage Stores has run out of time. 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