Bealls Inc has acquired the intellectual property of Stage Stores with a US$7m bid that also covers the off-price department store operator’s Texas distribution centre.
The intellectual property acquired by Bealls includes the trademarks and trade names for Stage Stores, Goody’s, Gordmans, Palais Royal, and Peebles – as well as the national rights for the Bealls name. In addition, Bealls acquired all of Stage’s private label brands and customer lists.
The deal also includes the fee interest for Stage’s 435,196 sq ft distribution centre in Jacksonville, which sits on a 42.51-acre parcel that includes undeveloped land for expansion. The facility was built in 1985 and has undergone multiple rounds of modernisation to accommodate brick-and-mortar and e-commerce fulfilment.
Bealls’ winning bid also includes the facility’s machinery and equipment.
Family-owned Bealls Inc currently operates more than 540 stores in 17 states under the Bealls, Bealls Outlet, Burkes Outlet, Home Centric and Bunulu names, and online at beallsflorida.com and burkesoutlet.com.
CEO Matt Beall said the deal means the company now owns the national rights to the Bealls name.
“While Beall’s Inc had rights to use the name Beall’s in Florida, Georgia and Arizona, Stage had previously owned the rights to use the name nationally. We believe that this will reduce confusion and create opportunities for us as we look to further grow our store and e-commerce presence.”
He added the distribution centre will allow the business to gain additional merchandise processing capacity to support its expansion efforts.
“This is our first owned logistics facility located outside of the state of Florida. With our Burke’s Outlet chain expanding throughout the US, it is important that we shore up our foundation to support this growth.”
Meanwhile, two other sites owned by Stage Stores – an income-producing industrial RTV (return to vendor) centre in Jacksonville and a retail site in Logan, West Virginia – have been sold to Jetall Companies, a real estate investment and management firm based out of Houston.
Stage operated 738 conventional department stores and off-price stores under multiple brands at the time it filed voluntary petitions under Chapter 11 of the US Bankruptcy Code in May. The company has since liquidated all stores.
A number of US retailers have succumbed to bankruptcy during the pandemic, including Stein Mart, Tailored Brands, Ascena Retail Group, and department store Lord & Taylor.