Stage Stores preps for bankruptcy: report
Stage Stores, which operates department stores Gordmans, Bealls and Goody's, could file as soon as next week
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Department store operator Stage Stores Inc is preparing for a bankruptcy filing that could come as soon as next week, CNBC reported, citing people familiar with the story.
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Shares of the company fell sharply Friday and have lost over 93 percent of their value this year.
J.C. PENNEY COULD FILE FOR BANKRUPTCY AS SOON AS NEXT WEEK
The plans are not definite yet and a potential filing could be delayed or avoided, the report added.
Stage Stores did not immediately respond to a Reuters request for comment.
NORDSTROM CLOSING 16 STORES IN CORONAVIRUS FALLOUT
A bankruptcy filing would mark yet another retailer's collapse after luxury department store chain Neiman Marcus and apparel retailer J. Crew Group Inc filed for bankruptcy this week.
NEIMAN MARCUS FILES FOR BANKRUPTCY
Many retailers have had to close their stores, furlough employees, suspend dividend and tap into credit facilities to survive the financial hit caused by the lockdowns due to the COVID-19 pandemic.