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Stage Stores files for Chapter 11 bankruptcy

Business

HOUSTON, Texas (KETK) Another major retailer has filed for bankruptcy.

Stage Stores, headquartered in Houston, filed for Chapter 11 on Sunday, May 10.

The company owns Goody’s, Peebles, Gordmans, and Bealls.

Select stores were set to open Friday, May 15 amid the coronavirus pandemic.

KETK’s NBC affiliate in Houston had the following quote from the company’s CEO:

“Over the last several months, we had been taking significant steps to attempt to strengthen our financial position and find an independent path forward. However, 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. Given these conditions, we have been unable to obtain necessary financing and have no choice but to take these actions.”

Stage has a retail location in Jacksonville, along with a distribution center.

Gordman’s has stores in Sulphur Springs and Center.

To find store near you, you can use their store locator.

Back on May 4, J. Crew filed for bankruptcy protection.

Old Chicago, Logan’s Roadhouse owners filed for Chapter 11 as well back at the beginning of May.

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