The Houston-based company said it is searching for a buyer and plans to reopen and liquidate its stores beginning Friday. Coronavirus maps: Cases and deaths in the U.S. | Cases and deaths worldwide, Coronavirus variants: What you need to know, Vaccine tracker: See how many doses will be available in your state, What you need to know: Vaccines FAQ | Covid-19 symptoms guide | Coronavirus etiquette | Your life at home | Personal finance guide | Make your own fabric mask | Follow all of our coverage and sign up for our free newsletter, Got a pandemic question? The announcement does not impact the Pet Value stores in Canada. 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. Stage Stores has 13,600 employees, according to … Gordmans was to replace the Peebles store in Paris, with the opening set for the spring of 2020. Superspreader Sunday? Liquidation will begin when stores reopen. The liquidation sales will coincide with a phased reopening process. According to its website, Stage entered an off-price segment to acquire Gordmans in 2017. The … "Foremost among these is the poor cash position. Lightly used for the staging of vacant and model homes. Debtors’ liquidation efforts, and the Debtors and all creditors of the Debtors’ estates benefitted from such services. Stage Stores announced Sunday that the company has filed for Chapter 11 Bankruptcy. 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 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 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. Graphic: The iconic brands that could disappear because of coronavirus. “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. Stage Stores will seek buyers for all or parts of its business and begin liquidating its inventory. Stage Stores operates the off-price brand department store Gordmans … J. 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 is close to closing up shop, including at the newly converted Gordmans stores in Southeast Texas. Storewide liquidation sales are in progress. J. Stage Stores (Stage, Goody’s, Palais Royal, Bealls, Peebles, Gordmans) 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. The company’s stock, which was trading lately at less than $1 a share, plunged 22% after the announcement. Stage Stores owns the Gordman’s off-price discount stores at the Treasure Valley Marketplace in Nampa and at the Village at Meridian. If no buyer emerges, stores would close following their liquidation sales. No one can cherry pick it in between. The initial batch of 557stores will reopen and launch their sales on May 15, while a second set of approximately 67stores will open 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. The company reported $1.58 billion in annual revenue in 2018. 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. Losing an anchor department store, analysts say, will only hasten their demise. If Stage Stores receives a viable acquisition bid, the retailer will cease its wind-down operations at certain locations. 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. The Services. Stage Stores was a department store company specializing in retailing off-price brand name apparel, accessories, cosmetics, footwear, and housewares throughout the United States. Business news and analysis sent straight to your inbox every Tuesday morning. 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. 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. Home About Us Living Room Dining Room Bedroom Office Contact Us. Losing an anchor department store, analysts say, will only hasten their demise. 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. The company has very few cash reserves.". Losing an anchor department store, analysts say, will only hasten their demise. 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. The retailer will simultaneously seek buyers for parts or all of its operations while it also begins to cease operations, Stage Stores said in a statement on Sunday evening. It will begin reopening stores that have been closed by the pandemic, with approximately 557 outlets slated to open on May 15 for liquidation … Nearly 15,000 dead. Here are 3 other things we must do... Blanca Kling, a pillar in the Latino community who helped thousands of crim... IRS mistakenly tells tens of thousands of taxpayers they won’t get their st... See how many doses will be available in your state, We answer one every day in our coronavirus newsletter. All stores are planning or operating liquidation sales, at price cuts from 10 to 60 percent according to Stage’s website. 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 will begin liquidation sales at 550 stores Friday, with others following suit in coming weeks. Crew and Neiman Marcus filed for bankruptcy protection last week, and analysts say others are nearly certain to follow. Its shares are down more than 95% this year. After liquidation, the company will operate about 500 stores. The corporate office was located in Houston, Texas.. Vaccines alone won’t solve the pandemic. Discounts, tax breaks and bonuses: How governments and employers are incent... For $149, this Oakland Airport vending machine dispenses covid tests. Stage Stores has filed for Chapter 11 bankruptcy. Stage Stores, whose brands include Gordmans, filed for Chapter 11 bankruptcy. 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. The most important news stories of the day, curated by Post editors and delivered every morning. 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 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 … Stage Stores operates hundreds of Bealls, Goody's, Palais … Stage Stores will reopen many of its locations on Friday, only to start liquidation sales in conjunction … 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. The company’s plan to complete liquidation and shutdown the … • Stage Stores, which operates about 738 stores under a variety of nameplates, including Bealls, Palais Royal, Peebles, Stage, Goody's and Gordmans, … STAGING FURNITURE LIQUIDATION CENTER: Not New, But Not Used furniture. The company reported $1.58 billion in annual revenue in 2018. 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 operates hundreds of Bealls, Goody's, Palais Royal, Peebles, Stage and Gordmans stores. Pier 1 is a national retailer selling furniture, home décor and accessories. 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. Minnesota and Mississippi followed, with eight each. The Houston-based company said it is searching for a buyer and plans to reopen and liquidate its stores beginning Friday. © 2021 The Philadelphia Inquirer, LLC Terms of Use/Privacy Policy/California Notice California residents do not sell my data request. “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 Biden administration’s muddled message on reopening schools, Virginia governor calls on all schools in state to reopen by March 15. “Given these conditions, we have been unable to obtain necessary financing and have no choice but to take these actions.”. Texas was hit hardest in the bankruptcy thinning, with 17 closings. 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 company’s stock plunged 22 percent after the announcement. Pier 1. “Given these conditions, we have been unable to obtain necessary financing and have no choice but to take these actions.”. Crew and Neiman Marcus filed for bankruptcy last week, and analysts say others are nearly certain to follow. Stage Stores portfolio includes Stage department stores, Bealls, Goody's and Palais Royal. 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. 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. More : … 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 past week. Stage Stores, which bought the Gordmans chain in 2017, has filed for bankruptcy and plans to liquidate the department stores’ inventory after … 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. “Foremost among these is the poor cash position. The company plans to start store liquidation sales within a few days of the announcement. The company has very few cash reserves.”. 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. Stage Stores will begin liquidation sales at 550 stores Friday, with others following suit in coming weeks. Stage Stores has announced the company has filed for Chapter 11 bankruptcy, according to a news release from the company which owns Goody’s, Peebles and Gordmans. We answer one every day in our coronavirus newsletter, How to help: Your community | Seniors | Restaurants | Keep at-risk people in mind. Stage Stores owns the Gordman's off-price discount stores at the Treasure Valley Marketplace in Nampa and at the Village at Meridian. Stage Stores, Gordmans' parent company, says it will suspend liquidating its stores if a buyer is found. 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. Its shares are down more than 95 percent this year. 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. Department store chains and mall-based retailers that sell clothing, housewares and other discretionary goods are at particular risk, analysts say. The health and safety of its associates and guests remains Stage Stores’ top priority as it takes a phased approach to reopening its stores in the coming weeks to commence the liquidation of its inventory. Once stores reopen, there will be liquidation sales, the statement says. Stage Stores (SSI), the owners of Gordmans, Goody’s, Bealls, Palais Royal, Peebles, and Stage retail stores, has filed for Chapter 11 bankruptcy protection. Most of the Closeouts and Liquidations ship directly from the department store reclamation centers, directly to you. "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 company’s stock plunged 22% after the announcement. STAGE STORES, INC., Recommended to you based on your activity and what's popular • Feedback Stage stores, based in Houston, sells family clothing, accessories, cosmetics and footwear nationwide. Stage Stores has run out of time. The … 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. 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). Department store chains and mall-based retailers that sell clothing, housewares and other discretionary goods are at particular risk, analysts say. 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. A bankruptcy judge approved the retailer’s plan to complete its ongoing liquidation and shut down its remaining stores, reported Law360. Its shares are down more than 95% this year. As Europe’s vaccination efforts falter, Russia and China are now seen as op... 900,000 infected. How the coronavirus tore through D.C.... An art lover’s Impressionist video trip to Provence and the Riviera. Department store chain Lord & Taylor is liquidating all of its stores, as are Pier 1 Imports, Modell’s, Stage Stores and New York & Co. Experts worry Super Bowl parties could trigger corona... Biden harnesses Defense Production Act to speed vaccinations and production... Alexandria City Public Schools sets date for reopening; Arlington refuses t... What you need to know about the coronavirus variants. (Mark Lennihan / AP) Stage Stores announced Sunday that the company has filed for Chapter 11 Bankruptcy. The retailer has 738 stores across a half-dozen brands, including the off-price chain Gordmans and the Peebles and Stage department stores, in small towns and rural areas in 42 states. 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. Store, analysts say segment to acquire Gordmans in 2017 shopping malls and centers or standalone. When stores reopen creditors of the Debtors and all creditors of the.. Iconic brands that could disappear because of coronavirus Gordmans, filed for bankruptcy last week, and analysts say 900,000. 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