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Stage Stores To Convert All Its Stores To Off-price - Quick Facts

Stage Stores, Inc. (SSI) said it plans to begin converting the company's remaining department stores to off-price in February of 2020. The company anticipates to be operating approximately 700 predominantly small-market Gordmans off-price stores by the third quarter of fiscal 2020.

Stage Stores expects to close approximately 40 stores during fiscal 2020. Capital spend in fiscal 2020 is estimated at approximately $30 million.

"The performance of our converted stores clearly demonstrate that this strategy is working, as evidenced by our positive second quarter comparable sales momentum which has accelerated during the third quarter. We believe this pivot from department stores to off-price will increase shareholder value and drive sustainable growth," said Michael Glazer, CEO.

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