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Stage Stores Files for Chapter 11, Seeks Buyer

Discount retailer Stage Stores, Inc. has filed voluntary petitions under Chapter 11 at U.S. Bankruptcy Court in Houston and is seeking a buyer. The Houston-based company, which operates under the Goody’s, Bealls and Gordmans brands, will begin liquidation sales at 557 of its stores as they reopen on May 15.

Although Stage Stores had taken “significant steps” to strengthen its financial position, “the increasingly challenging market environment was exacerbated by the COVID-19 pandemic,” said CEO Michael Glazer. “Given these conditions, we have been unable to obtain necessary financing and have no choice but to take these actions.”

Kirkland & Ellis LLP is acting as legal advisor to Stage Stores and PJ SOLOMON is its investment banker. Berkeley Research Group is acting as restructuring advisor, and A&G Realty is serving as real estate advisor to the company. Gordon Brothers Retail Partners will manage the company’s inventory clearance sales.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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