“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 company reported $1.58 billion in annual revenue in 2018. According to its website, Stage entered an off-price segment to acquire Gordmans in 2017. Department store chains and mall-based retailers that sell clothing, housewares and other discretionary goods are at particular risk, analysts say. 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. No one can cherry pick it in between. 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. 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 portfolio includes Stage department stores, Bealls, Goody's and Palais Royal. Nearly 15,000 dead. 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. It will begin reopening stores that have been closed by the pandemic, with approximately 557 outlets slated to open on May 15 for liquidation … Losing an anchor department store, analysts say, will only hasten their demise. "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. Stage Stores is close to closing up shop, including at the newly converted Gordmans stores in Southeast Texas. The company has very few cash reserves.". Stage Stores announced Sunday that the company has filed for Chapter 11 Bankruptcy. Stage Stores, Gordmans' parent company, says it will suspend liquidating its stores if a buyer is found. Stores were usually located in shopping malls and centers or in standalone locations. Stage Stores operates hundreds of Bealls, Goody's, Palais Royal, Peebles, Stage and Gordmans stores. Storewide liquidation sales are in progress. Graphic: The iconic brands that could disappear because of coronavirus. Stage Stores owns the Gordman’s off-price discount stores at the Treasure Valley Marketplace in Nampa and at the Village at Meridian. Recommended to you based on your activity and what's popular • Feedback Liquidation will begin when stores reopen. The Houston-based company said it is searching for a buyer and plans to reopen and liquidate its stores beginning Friday. 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. Crew and Neiman Marcus filed for bankruptcy protection last week, and analysts say others are nearly certain to follow. 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. Most of the Closeouts and Liquidations ship directly from the department store reclamation centers, directly to you. Stage Stores was a department store company specializing in retailing off-price brand name apparel, accessories, cosmetics, footwear, and housewares throughout the United States. "Foremost among these is the poor cash position. Stage Stores (Stage, Goody’s, Palais Royal, Bealls, Peebles, Gordmans) 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. Losing an anchor department store, analysts say, will only hasten their demise. The company’s plan to complete liquidation and shutdown the … As Europe’s vaccination efforts falter, Russia and China are now seen as op... 900,000 infected. The company’s stock plunged 22 percent after the announcement. “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. 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. 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. The most important news stories of the day, curated by Post editors and delivered every morning. Pier 1 is a national retailer selling furniture, home décor and accessories. Stage Stores will begin liquidation sales at 550 stores Friday, with others following suit in coming weeks. Stage Stores will begin liquidation sales at 550 stores Friday, with others following suit in coming weeks. The company plans to start store liquidation sales within a few days of the announcement. Home About Us Living Room Dining Room Bedroom Office Contact Us. 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. Superspreader Sunday? The Houston-based company said it is searching for a buyer and plans to reopen and liquidate its stores beginning Friday. The liquidation sales will coincide with a phased reopening process. The … Lightly used for the staging of vacant and model homes. Stage Stores, whose brands include Gordmans, filed for Chapter 11 bankruptcy. Stage Stores will begin liquidation sales at 550 stores Friday, with others following suit in coming weeks. Texas was hit hardest in the bankruptcy thinning, with 17 closings. 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. J. Stage stores, based in Houston, sells family clothing, accessories, cosmetics and footwear nationwide. 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. 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. Stage Stores owns the Gordman's off-price discount stores at the Treasure Valley Marketplace in Nampa and at the Village at Meridian. 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). 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. 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. Crew and Neiman Marcus filed for bankruptcy last week, and analysts say others are nearly certain to follow. The company has very few cash reserves.”. The corporate office was located in Houston, Texas.. If Stage Stores receives a viable acquisition bid, the retailer will cease its wind-down operations at certain locations. Its shares are down more than 95% this year. Its shares are down more than 95% this year. “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. If no buyer emerges, stores would close following their liquidation sales. 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. “Given these conditions, we have been unable to obtain necessary financing and have no choice but to take these actions.”. The Houston-based company said it is searching for a buyer and plans to reopen and liquidate its stores beginning Friday. Minnesota and Mississippi followed, with eight each. Once stores reopen, there will be liquidation sales, the statement says. 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. We answer one every day in our coronavirus newsletter, How to help: Your community | Seniors | Restaurants | Keep at-risk people in mind. Stage Stores has run out of time. Stage Stores, which bought the Gordmans chain in 2017, has filed for bankruptcy and plans to liquidate the department stores’ inventory after … 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? STAGING FURNITURE LIQUIDATION CENTER: Not New, But Not Used furniture. “Given these conditions, we have been unable to obtain necessary financing and have no choice but to take these actions.”. A bankruptcy judge approved the retailer’s plan to complete its ongoing liquidation and shut down its remaining stores, reported Law360. The Biden administration’s muddled message on reopening schools, Virginia governor calls on all schools in state to reopen by March 15. 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. After liquidation, the company will operate about 500 stores. 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. J. STAGE STORES, INC., Losing an anchor department store, analysts say, will only hasten their demise. The Services. 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