COVID-19: Stage Stores Inc. Files for Bankruptcy

Stage Stores Inc. (Houston, Texas) has filed for chapter 11 bankruptcy, reports MarketWatch. The company owns Bealls, Goody’s, Palais Royal and Stage department stores. Liquidation will begin when its stores reopen. Roughly 557 stores should reopen May 15, while another 67 are set to open by May 28. Any remaining stores will reopen by June 4.

Stage Stores’ Chief Executive Michael Glazer said in a statement, reports MarketWatch: “[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.”

The company will honor returns and gift cards during the first 30 days a store reopens.