Stage Stores Inc has sold its off-price concept Steele’s to a division of Hilco Global Retail Group.
The purchase is an all-equity acquisition and is expected to close during the first quarter of 2014.
The buyer is Steele’s & Deals LLC, set up by Hilco to acquire the 35-door chain that operates across seven states as an ongoing business. The chain, started in 2011 as an off-price concept for small town America, sells apparel, accessories, footwear and home decor.
Michael Glazer, chief executive officer of Stage, said, “This is an ideal next step for the Steele’s retail brand going forward.”
At closing, Steele’s & Deals will acquire all but one store location and the buying operation located in New York City. Stage Stores will continue to provide some operational services through a subsidiary for a short time during the transitional process.