HOUSTON – (Realty News Report) – Stage Stores, a Houston-based retailer operating under the Palais Royal, Bealls and Gordman’s brands, filed for Chapter 11 bankruptcy on Sunday.
The company shuttered its stores, which recently numbered 738 stores, at the end of March due to the Covid-19 pandemic. Thousands of employees were furloughed without pay, including personnel at the company headquarters, 2425 West Loop, near Westheimer Road. The company, founded in the 1920s, had 13,600 employees as of February 2019.
Stage plans to reopen 557 stores on May 15, with another 67 stores opening on May 28 and the remainder on June 4.
In a press release, the Stage said it would solicit the sale of the business or any of its assets.
The bankruptcy was filed in Houston with assistance from the Kirkland & Ellis law firm. Other advisors include A&G Real Estate Partners, the PJ Solomon investment bank and Berkeley Research Group.