USA: Stage Stores Announces Store Closing Program
Stage Stores Inc. today announced that the US Bankruptcy Court for the Southern District of Texas approved the Company's plan to close 120 under performing stores as a part of its restructuring process. Jack Wiesner, chairman, interim chief executive officer and president, commented, "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. The 120 stores we will be closing represent stores that were not profitable or stores which are outside of our geographic base." Mr. Wiesner continued, "In order to begin focusing on our core operations immediately, we have engaged the Ozer Group and Hilco Trading Company to manage the liquidation process at these stores scheduled for closure. Under our agreement, we will receive a guaranteed price for the inventory, net of related expenses, located in these stores and Ozer and Hilco will manage and be responsible for all aspects of the liquidation process." Stage Stores Inc brings nationally recognized brand name apparel, accessories, cosmetics and footwear for the entire family to small towns and communities throughout the US. The company currently operates stores under the Stage, Bealls and Palais Royal names.
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