Stage Stores intellectual property, other assets sold
Stage Stores Inc. has taken another step in selling off its business — one that will help a former rival expand.
Bealls Inc. has bought the intellectual property and other assets of the bankrupt retailer $7 million. The deal includes the trademarks and trade name of Stage Stores’ various banners, which include Goody’s, Gordmans, Palais Royal, Peebles — and Bealls.
“While Beall’s Inc. had rights to use the name Bealls in Florida, Georgia and Arizona, Stage had previously owned the rights to use the name nationally,” stated Matt Beall, CEO and executive chairman, Bealls, which is based in Bradenton, Fla., and operates more than 540 stores in 17 states. “We believe that this will reduce confusion and create opportunities for us as we look to further grow our store and e-commerce presence.”
Stage Stores filed for Chapter 11 bankruptcy protection in May and subsequently announced it would https://chainstoreage.com/stage-stores-liquidate liquidate and close its remaining stores.
In addition, and as part of the deal, Bealls acquired all the private label brands and customer lists that belonged to Stage Stores, along with the fee interest for the company’s 435,000-sq.-ft. distribution center in Jacksonville, Texas. The sale was facilitated by A&G Real Estate Partners.
“The distribution center will allow us to gain additional merchandise processing capacity to support our expansion efforts,” said Beall. “This is our first owned logistics facility located outside of the state of Florida. With our Burke's Outlet chain expanding throughout the U.S., it is important that we shore up our foundation to support this growth."
In September, Stage Stores, whose banners include Gordmans, Bealls, Goody's, Palais Royal, Stage and Peebles, announced plans to convert its entire store fleet to its off-price Gordmans banner, with a goal of having approximately 700 off-price stores by mid-2020. But the effort hit some snags and the company’s holiday results were disappointing. And then the pandemic hit.