Stage Stores files for bankruptcy
The company shut all its 738 stores and three distribution centers in March
Stocks impacted: Stage Stores Inc. (SSI)
The discount department store operator filed for Chapter 11 bankruptcy on Sunday. The company listed both assets and liabilities between $500 million and $1 billion. Stage Stores said it would start selling off inventory when 557 of its stores reopen on May 15. The rest of its stores are scheduled to reopen in phases on May 28 and June 4. As a reminder, the company shut all its 738 stores and three distribution centers in March amid a spread of the coronavirus in the United States. Stage Stores said it would stop inventory clearance sales at any stores that attract buyer interest. Stage Stores filed for bankruptcy in Houston, where the company is based. The retailer’s stocks plunged over 22% last Friday.
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