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(WYMT) - Stage Stores announced Sunday that the company has filed for Chapter 11 Bankruptcy.
Stage Stores operates hundreds of Bealls, Goody's, Palais Royal, Peebles, Stage and Gordmans stores.
In a news release, the company said they are looking for buyers and are planning to reopen stores to liquidate inventory.
About 557 stores will reopen on May 15 and another 67 stores are expected to open on May 28. The rest of the stores will open by June 4.
Michael Glazer, President and Chief Executive Officer, released a statement saying:
This is a very difficult announcement and it was a decision that we reached only after exhausting every possible alternative. Over the last several months, we had been taking significant steps to attempt to strengthen our financial position and find an independent path forward. However, 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. Given these conditions, we have been unable to obtain necessary financing and have no choice but to take these actions.
Our associates play a key role in running our stores and serving guests, and I would like to thank them for their hard work and dedication. We recognize that the actions we have taken in response to the market environment and COVID-19 have affected them both professionally and personally. We deeply appreciate their efforts going forward as we begin the process of reopening stores to conduct liquidation sales. We thank our guests for their business and support, as well as our vendors, who help us maintain our assortment of brand-name apparel and stylish home décor. We appreciate the willingness of our landlords and vendors to work constructively with us to try and avoid this outcome. We hope that their efforts and the actions we have taken to reposition the business over the last several months will help attract the right partner who is interested in our off-price concept.
The health and safety of our associates and guests is of the utmost importance to us. We will continue to follow health authorities’ recommendations and industry best practices as we reopen to ensure our associates and guests feel comfortable shopping in our stores.
The company has filed customary motions seeking court authorization to continue paying employee wages, salaries and health benefits without interruption for those employees that are working.
The company added that they will honor gift cards and returns for the first 30 days after the store re-opens. After 30 days they will not accept gift cards or honor other customer programs.
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May 13, 2020 at 09:37AM
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Stage Stores files for bankruptcy, plans to liquidate hundreds of stores - WYMT News
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