Stage Stores Inc. has filed for chapter 11, days after reports that bankruptcy preparations were in the works. About 557 stores are expected to reopen on May 15, 67 additional stores are expected to open by May 28 and the remaining stores will open by June 4. Liquidation will begin when stores reopen. Stage Stores portfolio includes Stage department stores, Bealls, Goody's and Palais Royal. Stage Stores has 13,600 employees, according to FactSet. The company had 738 stores as of a March 27 business update. "[T]he 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," said Chief Executive Michael Glazer in a statement. "Given these conditions, we have been unable to obtain necessary financing and have no choice but to take these actions." The company expects to honor gift cards and returns for the first 30 days after a store reopens. Chief Financial Officer Jason Curtis is leaving the company effective May 22 to pursue an opportunity with another retailer. CEO Glazer will perform the CFO duties. Stage Stores stock, which has been halted, has lost more than 95% of its value for the year to date while the S&P 500 index is down 9.8%.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Stage Stores files for bankruptcy as pandemic chokes salesStage Stores Inc filed for Chapter 11 bankruptcy late on Sunday, the latest casualty of the coronavirus pandemic following the collapse of luxury store chain Neiman Marcus and apparel retailer J. Crew Group Inc.
Lire la suite »
Discount Retailer Stage Stores Files for Bankruptcy, Seeks Buyer as It Sells Off InventoryThe retailer, which operates the Gordmans and Bealls brands, plans to begin inventory clearance sales as the company starts a phased reopening of stores in coming weeks.
Lire la suite »
Britain won't quarantine travellers from France at this stageBritain won't impose quarantine to travellers coming from France at this stage, France and Britain said on Sunday, with the two countries adding that any such measure would be reciprocal and only be imposed after mutual consultation.
Lire la suite »
Apple to Reopen U.S. Stores Beginning Next Week, but Only in Some StatesAlmost two months after Apple shut down retail outlets in most countries, the tech giant will begin reopening a handful of U.S. stores starting next week. In mid-March, the company said it was clos…
Lire la suite »
Los Angeles Reopens Trails, Golf Courses, Select Retail StoresThe city of Los Angeles announced it also was reopening some public spaces, including sprawling Griffith Park, which includes popular paths to the Hollywood sign.
Lire la suite »