Stage Stores’ efforts to transform itself into a discount retail chain have sadly fallen short. The retailer, which is based in Houston has filed for Chapter 11 bankruptcy protection as it simultaneously seeks buyers and also starts to wind down operations.
“This is a very difficult announcement and it was a decision that we reached only after exhausting every possible alternative. Over the last several months, we had been taking significant steps to attempt to strengthen our financial position and find an independent path forward. However, the increasingly challenging market environment was exacerbated by the COVID-19 pandemic, which required us to temporarily close all of our stores and furlough the vast majority of our associates. Given these conditions, we have been unable to obtain necessary financing and have no choice but to take these actions.” – Michael Glazer, president and CEO.
