The results were so good it gave the company confidence in its accelerated plan to convert the rest of its remaining stores to the off-price format. Would the retailer have survived, though, in a market absent a pandemic? HOUSTON-- ( BUSINESS WIRE )--Stage Stores, Inc. (NYSE: SSI) today announced plans to convert substantially all its stores to off-price. As recently as November, executives raised their financial estimates for the year and were projecting optimism about the transformation.Â, The retailer has reportedly been working with advisers and lawyers to restructure its debt. A report from Debtwire that Stage had hired Kirkland & Ellis, known in retail for its bankruptcy work, set off concerns among suppliers. The pandemic ushered in a wave of major bankruptcies — 30 in total — as retailers struggled to pay rent, vendors and other expenses. Show filters. Stage Stores Inc. will close about 40 stores as part of a plan to substantially convert to its off-price Gordmans banner. The free newsletter covering the top industry headlines, Stage Stores has received court approval for its, , which calls for the liquidation of all its stores and the wind down of the company, According to Law360, real estate developer Ali Choudhri, , but Stage Stores attorneys said they were unable to close a deal, The story of Stage Stores' recent history could give an observer whiplash. HOUSTON – Stage Stores announced Monday that the company has filed for Chapter 11 bankruptcy, according to a news release. Date from. The company declared in a January presentation that "our future is off-price.". Stage Stores is a department store that specializes in offering brand name apparel, accessories, footwear, beauty, and housewares to consumers around the United States. But the company's finances have been tight for some time, and holiday sales that fell well short of projections have created a liquidity crisis for Stage. During the same quarter in the prior year, the firm … Retail Fatalities & Violent Incidents Up 40% in the U.S. in 2020, According to D&D Daily Rep... Interface and Video Analytics Company, Ignite Prism, Form Exclusive Partnership, Nordstrom leans on off-price, digital to chase customers and profits, Fearing store closures, mall landlords raise alarm about Sycamore's new version of Ascena, Retailers tout initiatives for Black History Month. Last fall, Stage Stores outlined a bold plan to convert its remaining department stores to its off-price Gordmans banner by the end of fiscal 2020. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted … STAGE STORES INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. Subscribe to daily or weekly news alerts. Gordmans had fallen on hard times along with much of retail, despite the ascendance of off-price giants like TJX Cos. and Ross Stores. STAGE STORES INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. For the first quarter, comparable sales decreased 3.1 percent. Stage Acquires ThirdChannel, a National Leader in Optimizing Retail Execution and In-store Customer Experience. Stage Stores (NYSE: SSI ) shares are trading lower on Tuesday following a Wall Street Journal report that the company is preparing for a possible bankruptcy. News. Trax and Blue Yonder Partner to Launch Dynamic Workforce Management Solution for Retailers a... Stuzo and Kount Partner to Bring Industry-Leading Fraud Protection to Stuzo’s Open Commerce®... Interface Shares its top 2021 Networking Predictions for Restaurants, Nordstrom leans on off-price, digital to chase customers and profits, Fearing store closures, mall landlords raise alarm about Sycamore's new version of Ascena, Retailers tout initiatives for Black History Month. The downturn happened swiftly. Discover announcements from companies in your industry. What does a government reckoning with Google and Facebook mean for retail? By signing up to receive our newsletter, you agree to our, As retailers focus on diversity, executive representation is stagnant, Sears is closing 13 more stores, further shrinking its footprint, Longtime L Brands CFO to retire, but not before Victoria's Secret spins off, Hudson's Bay to launch online marketplace. Stage Stores, which has been operating around 700 stores in some 42 states for years, is in the process of rebranding its entire retail fleet under the Gordmans name and the off … There were skeptics all along that the retailer could pull off its plans. This trendline explores several topics facing small retailers as disruptions from the pandemic, e-commerce and broader economic trends continue to bedevil operations. Stage Store also now expects full-year same-store sales to rise 4.0% to 4.5% versus previous expectations of 7% to 9% growth. By Reuters Staff. September 17, 2019 06:30 AM Eastern Daylight Time. Topics covered: retail tech, e-commerce, in-store operations, marketing, and more. Filters. All of its troubles to win financing and grow sales were. Topics covered: retail tech, e-commerce, in-store operations, marketing, and more. Reports circulated Wednesday afternoon that the troubled retailer had laid off anywhere between 20 … Some were skeptical about Stage Stores' plans to convert to Gordmans so quickly, given the small sample size of stores it based its plans on and its relatively small supply of capital to power the conversions with. Not even the best-performing sectors in retail can provide shelter from the pandemic and the industry trends it has accelerated. Stage Stores Inc. said yesterday that it had postponed its planned $144 million initial public offering, citing a weaker market for new stocks. In 2019, Stage Stores — which also operates the Bealls, Goody's, Peebles and Palais Royal banners — converted 89 stores to its off-price Gordmans brand. followed, while the company behind the scenes sought additional solutions for the capital to run its business, convert its stores and finish its transformation plan. Ben Unglesbee 547 Stage Stores reviews. Landlords helped tip the company into bankruptcy, posting default notices and even locking the retailer out of its stores in some areas. Company reports stellar third quarter results with comparable sales up an eye-catching 17.4%. . December 9, 2020 GMT (PRNewsfoto/Stage) (PRNewsfoto/Stage) DENVER, Dec. 9, 2020 /PRNewswire/ -- Stage, a turnaround venture fund that invests in technology enabled and consumer products businesses in need of fresh capital and … Some were skeptical about Stage Stores' plans to convert to Gordmans so quickly, given the small sample size of stores it based its plans on and its relatively small supply of capital to power the conversions with. Nearly 100 years old, Stage Stores rolled up numerous department store banners into a retailer formed originally by merging the Bealls and Palais Royal chains. That was to be done by the end of 2020, on a trim budget for a retailer that had suffered financially for years. Plans called for the company to close 40 stores and convert the rest to Gordmans, which Stage acquired out of bankruptcy in 2017. Citing people familiar with the matter, WSJ reports the company is preparing for a "financial restructuring that could include a bankruptcy filing" … Full story available on Benzinga.com enVista Offers Retailers, Distributors and Manufacturers Complimentary Omnichannel Health Ch... Best Buy is quietly closing US stores across 4 states, End-of-life regulation is coming for fashion, Naomi Sims’ Legacy: Entrepreneurship, Inclusion and Black Is Beautiful, How Nestle’s Garden of Life Attracted New Customers With Their DTC Approach, Power-Rank and Store-Cluster in Minutes, Not Days, Voice of the Industry: Building Bigger Baskets by Engaging Shoppers, 2020 Annual Survey: Digital Product Creation Maturity in Retail, Footwear and Apparel, Reimagining Retail Commerce in a Post-COVID World. No Headlines Available. This week, employees in divisions across the company were told to wait at their desk for a call from human resources, to find out if they had a job or not, three people familiar with the process said. Â, As it tries to stabilize its finances, Stage is also behind on payments to several of its suppliers, according to four sources with knowledge of the company's supply chain.Â, Follow Receive full access to our market insights, commentary, newsletters, breaking news alerts, and more. on Stage Stores Inc. ( SSI) is a retail chain that operates (as of November 21, 2019) 772 retail stores, including 189 off-price Gordman's stores. Less than a year ago, the retailer triumphantly reported a quarter of. Landlords helped tip the company into bankruptcy, posting default notices and even locking the retailer out of its stores in some areas. Using Brand Purpose to Drive Awareness and ROI, Raising the B2B Bar: Bringing B2C Growth and Opportunity to B2B Ecommerce, Wharton School Launches 12-month Advanced Business Analytics Program. Trax and Blue Yonder Partner to Launch Dynamic Workforce Management Solution for Retailers a... Wharton School Launches 12-month Advanced Business Analytics Program, Best Buy is quietly closing US stores across 4 states, End-of-life regulation is coming for fashion, Naomi Sims’ Legacy: Entrepreneurship, Inclusion and Black Is Beautiful, How Nestle’s Garden of Life Attracted New Customers With Their DTC Approach, Power-Rank and Store-Cluster in Minutes, Not Days, Voice of the Industry: Building Bigger Baskets by Engaging Shoppers, 2020 Annual Survey: Digital Product Creation Maturity in Retail, Footwear and Apparel, Reimagining Retail Commerce in a Post-COVID World. Twitter. The company owns Goody’s, Peebles and Gordmans. With approximately 800 stores in 40 states, Stage Stores operates under a number of names, including Bealls, Goody's, Palais Royal, and Peebles. Is Stage Stores setting the stage for its final act? That question will have to remain a hypothetical, as the retailer winds down its business and prepares to turn off the lights. Stage Stores plans to convert all of its department stores into Gordmans locations, staking the future of the Houston company on the flourishing off-price segment of the retail industry.. In March, Stage Stores had to close its locations along with much of the retail world. All of its troubles to win financing and grow sales were exacerbated by the COVID-19 crisis. Arts, culture and sport Brexit Building, planning and design Business, industry and innovation Children and families Communities and third sector Constitution and democracy Coronavirus in Scotland Economy Education Energy … The company's shares traded under a … The free newsletter covering the top industry headlines, Stage Stores plans to close about 200 Gordmans stores and department stores that were slated to be converted into Gordmans, according to three people with knowledge of the company's plans. The story of Stage Stores' recent history could give an observer whiplash. Stage Stores, Inc. (NYSE:SSI) today reported results for the fourth quarter and fiscal year ended February 2, 2019 and initiated guidance for fiscal y Nonetheless, Stage Stores saw its future in the Gordmans model, which promised younger customers and a more popular model than its fading department stores. The Wall Street Journal followed with a report that the company was mulling a bankruptcy, which came as news to employees, sources told Retail Dive.Â, By signing up to receive our newsletter, you agree to our, The running list of 2020 retail bankruptcies, Sears is closing 13 more stores, further shrinking its footprint, Longtime L Brands CFO to retire, but not before Victoria's Secret spins off, Hudson's Bay to launch online marketplace. In 2019, Stage Stores — which also operates the Bealls, Goody's, Peebles and Palais Royal banners — converted 89 stores to its off-price Gordmans brand. Quiet layoffs and store closures followed, while the company behind the scenes sought additional solutions for the capital to run its business, convert its stores and finish its transformation plan. A free inside look at company reviews and salaries posted anonymously by employees. Stage Stores isn't the only discounter to enter bankruptcy this year. Clear Keyword search Keyword. It entered the off-price market by buying Gordmans out of bankruptcy in 2017. Stage Stores had a negative net margin of 5.78% and a negative trailing twelve-month return on equity of 34.21%. Ben Unglesbee 548 Stage Stores reviews. Stage Stores names CFO . Subscribe to Retail Dive to get the must-read news & insights in your inbox. Company profile page for Stage Stores Inc including stock price, company news, press releases, executives, board members, and contact information Full-year guidance raised across the board. Stage Stores, Inc. today reported that its total sales for the five-week March period beginning March 4, 2007 and ending April 7, 2007 increased 14.9% to $151.0 million from... | … Then the coronavirus found its way to the U.S. The … The Houston-based operator of … What does a government reckoning with Google and Facebook mean for retail? 1 Min Read. , casting doubt on its conversion plans. Stage Stores reported a net loss of $15.9 million on revenue of $399 million during its most recent quarter ended Nov. 2. The business had revenue of $369.29 million for the quarter. The release of the Company’s results... | January 4, 2021 The company was able … Retail Academy Announces Customized eTraining to Upskill Employees and Maximize Profitability. There followed, in the early months of 2020, bankruptcy rumors and a liquidity crisis as the retailer's lenders tightened its leash. The downturn happened swiftly. Stage Stores, Inc. today announced that it will release its first quarter fiscal 2018 financial results on Thursday, May 24, 2018. The Company will terminate the wind-down of operations … The company was at risk of bankruptcy long before COVID-19 came along. The Wall Street Journal followed with a report that the company was mulling a bankruptcy, which came as news to employees, sources told Retail Dive.Â, Although employees knew the company was struggling, layoffs and how they played out also took some by surprise. As recently as November, executives, The retailer has reportedly been working with advisers and lawyers to restructure its debt.Â, , known in retail for its bankruptcy work, set off concerns among suppliers. A free inside look at company reviews and salaries posted anonymously by employees. Stage Stores, Inc. has filed voluntary petitions under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division. Twitter. Stage Stores has received court approval for its bankruptcy plan, which calls for the liquidation of all its stores and the wind down of the company. The company reported ($0.60) EPS for the quarter. Updated . Stage Stores Inc filed for Chapter 11 bankruptcy late on Sunday, the latest casualty of the coronavirus pandemic following the collapse of luxury store … Stage Stores, Inc., reported last week results for the first quarter ended May 4, and reaffirmed guidance for fiscal year 2019. SEATTLE--(BUSINESS WIRE)--Oct. 23, 2019-- Amazon (Nasdaq:AMZN) today announced the expansion of Counter, a network of staffed pickup points that gives customers the option to pick up their Amazon packages in-store … Then the coronavirus found its way to the U.S. There followed, in the early months of 2020, bankruptcy rumors and a liquidity crisis as the retailer's lenders tightened its leash. I agree to TheMaven's Terms and Policy Sign Up Already have an account? SSI: Get the latest Stage Stores stock price and detailed information including SSI news, historical charts and realtime prices. Discover announcements from companies in your industry. Topics . Amazon Counter Pickup Points Available with New Partners GNC, Health Mart and Stage Stores, Offering Customers Even More Convenient Options for Delivery . Protests against systemic racism this year pushed retailers to take a magnifying glass to diversity, and many areas are lacking. , following the conversion of many of its department stores to the off-price Gordmans banner. Filter by date. This trendline explores several topics facing small retailers as disruptions from the pandemic, e-commerce and broader economic trends continue to bedevil operations. But the holidays delivered a disappointing performance, casting doubt on its conversion plans. It ended the year with 158 off-price stores, which was 100 more than it had in 2017. Subscribe to Retail Dive to get the must-read news & insights in your inbox. Follow STAGE STORES INC. quote : historical data and live quotes, charts, news, analyses, trading signals, calendar, informations and community tools Using Brand Purpose to Drive Awareness and ROI, Raising the B2B Bar: Bringing B2C Growth and Opportunity to B2B Ecommerce. "They excel in providing efficient and highly valued services to improve in-store performance for the brands they work with, and we believe Stage will … The Company will simultaneously solicit bids for a going concern sale of the business or any of its assets and initiate an orderly wind-down of operations. Company News and Press Releases. Less than a year ago, the retailer triumphantly reported a quarter of explosive sales growth, following the conversion of many of its department stores to the off-price Gordmans banner. In March, Stage Stores had to close its locations along with much of the retail world. In all, the retailer would be left with a footprint of about 500 stores, Closures have begun at many stores, Retail Dive, But the company's finances have been tight for some time, and holiday sales that fell well short of projections have created a liquidity crisis for Stage. Close. Stage Stores Inc (NYSE:SSI) announced its quarterly earnings results on Thursday, August, 23rd. on Date to. Stage Stores will liquidate its inventory by reopening about 557 stores on Friday, about 67 stores on May 28, and the remaining locations on June 4. Other News; Press Releases; No Headlines Available . Stein Mart and Tuesday Morning — both, like Stage, smaller chains without the scale and buying power of the large off-pricers — filed for bankruptcy this year amid the COVID-19 disruption. ) EPS for the quarter Inc. will close about 40 Stores as part of a plan to substantially convert its! The coronavirus found its way to the U.S Stores to the U.S and! 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