TRENDING. It will start reopening stores that have been closed by the pandemic, with about 557 outlets scheduled to open May 15 to conduct liquidation sales. … They bought Peebles Inc. in 2003, and added the “Goody’s” name in 2009 from Goody’s Family Clothing Inc. through a bankruptcy auction. Positive signs. As of 2019, Stage Stores was running more than 700 department stores in 42 states under banners that also included Bealls and Palais Royal, according to regulatory filings. The company reported ($0.60) earnings per share for the quarter. As of 2019, Stage Stores was running more than 700 department stores in 42 states under banners that also included Bealls and Palais Royal, according to regulatory filings. Stage Stores Inc., the owner of rural department and discount stores including Goody’s, Peebles and Gordmans, filed for bankruptcy protection, adding to the toll of traditional retailers felled by too much debt and the economic shocks of the coronavirus. The company will stop winding down operations at certain locations if it receives a viable going-concern bid, it said. Stage Stores (SSI) Is Today's Strong On High Volume Stock. Stage Stores is a department store which specializes in retailing off-price brand name apparel, cosmetics, footwear, accessories, and housewares. “Given these conditions, we have been unable to obtain necessary financing and have no choice but to take these actions.”. Stage Stores Inc (NYSE:SSI) posted its quarterly earnings data on Thursday, August, 23rd. Adds reopening plan starting in second paragraph, CEO comment in fourth. Stores were usually located in shopping malls and centers or in standalone locations. A second group of about 67 stores are expected to reopen May 28 and the remainder will open on June 4, the company said in its statement. Why Stage Stores Stock Was Cut in Half Today. Stage Stores reported a net loss of $15.9 million on revenue of $399 million during its most recent quarter ended Nov. 2. Stage’s plans to convert about 220 stores to the Gordmans brand by the middle of 2020 helped drive up its stock price earlier this year, even after it missed holiday forecasts, the company said. In 2019, Stage Stores — which also operates the Bealls, Goody's, Peebles and Palais Royal banners — converted 89 stores to its off-price Gordmans brand. Before it's here, it's on the Bloomberg Terminal. Stage Stores will begin liquidation sales at 550 stores Friday, with others following suit in coming weeks. Specifically, in the third quarter of 2019, Stage Stores reported a whopping 17.4% rise in comparable sales thanks to a 40% increase in sales at off-price converted stores (stores that … C R Anthony Co says it is in merger talks with Stage Stores Inc; two retailers together operate 550 stores (S). Stage Stores, Inc. is a leading retailer of trend-right, name-brand values for apparel, accessories, cosmetics, footwear and home goods. In 2017, the company acquired some assets of Gordmans Stores Inc., also through bankruptcy. The case is Stage Stores Inc., 20-32564, U.S. Bankruptcy Court, Southern District of Texas (Houston). Its shares are down more than 95% this year. Stage Stores will liquidate its inventory by reopening about 557 stores on Friday, about 67 stores on May 28, and the remaining locations on June 4. Other professionals include Berkeley Research Group as restructuring adviser, A&G Realty as real estate adviser and Gordon Brothers Retail Partners, which will manage inventory clearance sales. Stage Stores was a department store company specializing in retailing off-price brand name apparel, accessories, cosmetics, footwear, and housewares throughout the United States. A Retail Dive report from February said that Stage Stores had slashed more than 20 corporate staffers and slated upwards of 70 stores for closure. Have a confidential tip for our reporters? The company’s stock, which was trading lately at less than $1 a share, plunged 22% after the announcement. Stage Stores — the parent company of discount retailers Peebles, Palais Royal, Bealls and Goody's — hit Chapter 11 in May, blaming COVID-19 closures … ... For the latest news, follow us on Facebook, Twitter, and Instagram. Company profile page for Stage Stores Inc including stock price, company news, press releases, executives, board members, and contact information The retailer will simultaneously seek buyers for parts or all of its business while it also begins to wind down operations, Stage Stores said in a statement late Sunday. 1. Egypt Holds Interest Rates as New Virus Strain Prompts Cauti... Gold Edges Up as Traders Assess Brexit Trade Deal, U.S. Stim... India Cancels Benchmark Bond Sale in Yet Another Yield Signa... Turkey Central Banker Tightens Again in Boost to Credibility, More APAC Firms Tap Loans Linking Rates to Sustainable Goals. The Houston-based operator of small-town clothing stores had planned to sell 9.6 million shares at $14 to $16 this month, but it said current market conditions caused it to postpone the sale. Stage Stores was formed in 1988 when managers of Palais Royal and several venture capital firms acquired Bealls and Palais Royal, which date from the 1920s. Most of the department stores are in small towns and rural communities, while the off-price stores such as Gordmans are predominantly located in mid-sized, non-rural Midwest markets. Investors Rethink Role of Bonds, Tech and ESG After Chaotic... U.S. Mortgage Rates Drop to Record 2.66% for 30-Year Loans. While the retailer had been seeking to bolster its financial position in recent months, “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,” President and Chief Executive Officer Michael Glazer said in the statement. 13 million kids in the U.S. live with hunger. Retailer will simultaneously seek sale as it liquidates stores, Stage will begin reopening stores May 15 for liquidation sales. 57 on the Houston Business Journal's 2019 Largest Houston-Based Public Companies List, based on its 2018 revenue of $1.64 billion. Receive full access to our market insights, commentary, newsletters, breaking news alerts, and more. Earlier Due to Covid Fallout, New Virus Strain’s Transmissibility to Cause More Deaths: Study, Musk Says It’s ‘Impossible’ to Take Tesla Private, Mulls New IPO, N.J. Records Worst Month; Japan Bans Foreigners: Virus Update, Cyberpunk Maker CD Projekt Sued by Investor Over Botched Launch. All Market Moves. The company is composed partly of chains that previously went bust. All of its troubles to win financing and grow sales were exacerbated by the COVID-19 crisis . Stage Stores, Inc. has filed voluntary petitions under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division. HOUSTON--(BUSINESS WIRE)--Stage Stores, Inc. (NYSE: SSI) today announced plans to convert substantially all its stores to off-price.Based on the … The corporate office was located in Houston, Texas.. 3 of 11 Michael Glazer, CEO and president, of Stage Stores, Inc., talks with a reporter at the company's office on Wednesday, April 10, 2019, in Houston. China's Economy Set to Overtake U.S. By TheStreet Wire. The company had revenue of $369.29 million for the quarter. The company’s Chapter 11 filing in its home city of Houston listed assets and liabilities of between $500 million and $1 billion each. Kirkland & Ellis is acting as the company’s legal adviser while PJ Solomon is its investment banker. A high-level overview of Stage Stores, Inc. (SSI) stock. In August, Stage Stores partnered with No Kid Hungry to change… STAGE STORES, INC. : News, information and stories for STAGE STORES, INC. | OTC Bulletin Board - Other OTC: SSINQ | OTC Bulletin Board - Other OTC Bond Traders Close Out Chaotic Year With Key 1% Level in Sig... Benefits Lapse For Millions if Trump Fails to Approve Bill. Stage Stores, the Houston department store chain behind Palais Royal, Bealls and Gordmans, has filed for bankruptcy, the latest retailer to fall … Stage Stores is an off-price retailer of brand name apparel, accessories and other goods. Our favorite No Kid Hungry posts in August. The Company will simultaneously solicit bids for a going concern sale of the business or any of … Stage Stores is No. Stage Stores acquired Gordmans out of bankruptcy in 2017. It aims to operate a total of 700 off-price stores by the third quarter of fiscal 2020. Shares of Stage Stores plunged a brutal 57% on Monday, following the release of its holiday sales figures. Stage Stores, which operates department store brands including Gordmans, Bealls and Goody's, is preparing for a bankruptcy filing that could come as soon as next week, people familiar said. Stage Stores had a negative return on equity of 34.21% and a … Stage Stores Inc. said yesterday that it had postponed its planned $144 million initial public offering, citing a weaker market for new stocks. Stage Stores manages 301 stores in the central United States under the names Stage, Bealls and Palais Royal. Additionally, Stage Stores cut more than 20 of its corporate staffers this week, the report says. 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