Stage Stores files for bankruptcy as pandemic chokes sales

By : Rama Venkat

Stage Stores Inc filed for Chapter eleven individual bankruptcy late on Sunday, the most current casualty of the coronavirus pandemic subsequent the collapse of luxury shop chain Neiman Marcus and apparel retailer J. Crew Team Inc.

The discounted section shop operator will seek bids for the business or any of its belongings, although it also commences to wind down its functions, Stage Stores mentioned in a statement.

The organization detailed both of those belongings and liabilities between $five hundred million and $one billion, according to a submitting with the U.S. Personal bankruptcy Court docket for the Southern District of Texas.

“The progressively difficult industry surroundings was exacerbated by the COVID-19 pandemic, which needed us to briefly shut all of our merchants and furlough the extensive the greater part of our associates,” Main Government Officer Michael Glazer mentioned in a statement.

“Specified the conditions, we have been

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