Stage Stores to liquidate
Stage Stores has run out of time.
A bankruptcy judge approved the retailer’s plan to complete its ongoing liquidation and shut down its remaining stores, reported Law360. Stage Stores filed for Chapter 11 bankruptcy protection in May as it simultaneously sought buyers and also started to wind down operations. The company had planned to terminate the wind-down if it received a viable going-concern bid, but apparently none were forthcoming.
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.