STAGE TO CLOSE 120 SITES
NEW YORK — Struggling to get out of bankruptcy, Stage Stores Inc. Tuesday said it will close 120 stores.
“As a part of our restructuring process, we identified 470 core stores in 20 states which will serve as our base for returning the company to profitability,” said Jack Wiesner, chairman, interim chief executive officer and president. “The 120 stores we will be closing represent stores that were not profitable or stores which are outside of our geographic base.”
The Houston-based retailer, operating stores under the Stage, Bealls and Palais Royal names, has hired The Ozer Group and Hilco Merchant Resource to liquidate over $50 million in inventory from 107 of those underperforming sites.
Store closing sales began Tuesday.
Stage operated 648 units at the time it filed its Chapter 11 bankruptcy protection petition on June 1. The stores, which serve smaller markets in the midwest and southwest, sell apparel, accessories, cosmetics and footwear under national brands.