STAGE STORES DIP APPROVED
NEW YORK — Stage Stores Inc. said it has received bankruptcy court approval for its $450 million debtor-in-possession facility.
Jack Wiesner, chairman and interim chief executive, said the financing “will help ensure that the company has significant liquidity to meet our financial obligations in the ordinary course of business.”
The 648-unit Houston-based operator of the Stage, Bealls and Palais Royal apparel chains filed for bankruptcy on June 1 after undergoing a liquidity crisis, as well as a lawsuit charging fraud against its former chairman, president and ceo, Carl Tooker.
Stage lost $281.9 million on sales of $1.12 billion last year.