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Stage Stores Files For Bankruptcy; CFO Jason Curtis To Leave

Stage Stores, Inc. (SSI) said late Sunday that it has filed voluntary petitions under Chapter 11 of the Bankruptcy Code in U.S. Bankruptcy Court, Southern District of Texas. The Company intends to seek approval for a consensual use of cash collateral to ensure it has the liquidity necessary to support its operations in Chapter 11.

The company specified it will simultaneously solicit bids for a going concern sale of the business or any of its assets and initiate an orderly wind-down of operations.

The company now expects that the first phase of approximately 557 stores will open on May 15, 2020, the second phase of approximately 67 stores is expected to open on May 28, 2020 and the balance of the chain is expected to open on June 4, 2020.

Michael Glazer, President and Chief Executive Officer, commented, "....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."

Stage Stores also announced that its Chief Financial Officer Jason Curtis is leaving the Company to pursue a career with another retailer, effective May 22, 2020. The company noted that Glazer will oversee the finance function, and to support him, the company retained Rick Stasyszen, who previously served as the Company's Senior Vice President, Finance and Controller until 2019.

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