DOCSLIB.ORG

Stage Stores, Inc. 2016 Annual Report

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Stage Stores, Inc. 2016 Annual Report ® ANNUAL REPORT | 2016 We’re focused on A LWAYS bringing her something N EW, INSPIRING her to live her life and EXPRESS herself through her own STYLE. Michael L. Glazer | President & CEO While 2016 was a di cult year for our industry and our business, we made progress in evolving our business model to meet the changing habits of our customer. Despite the challenges in the retail industry, as well as the headwinds facing our oil patch and border stores, we concluded the year in a solid fi nancial position. Importantly, we believe that the progress we have made will enable us to achieve our fi nancial goals in 2017. DURING 2016: • We grew our omni-channel business as we made a number of enhancements to the user experience. We launched website navigation and search improvements to make shopping easier and faster. We also introduced buy online, ship-to-store, giving our customer more convenient shopping options. In addition, we expanded our online assortment to include seven times more product than our average store, giving our customer additional options when she shops. Finally, we made investments in digital marketing and our mobile site, as well as to our supply chain, to support continued online growth. • We evolved our product assortment to offer more contemporary fashions and brands. We also drove positive comparable store sales in our home department for the year. • We launched Style Circle Rewards, our tender-neutral loyalty program, which complements our existing private label credit card. We ended the year with 4.7 million members, including our private label credit card holders. In addition, we grew our private label credit card sales penetration by 290 basis points to 47.3% of sales, with credit income increasing 2%. • We have enhanced our store environment by remodeling over 200 stores with 86 stores refreshed in 2016. • We closed 37 stores, and ended the year with 60 locations closed as part of our strategic store closure program. • Our expense control initiatives enabled us to reduce adjusted SG&A expenses by $27 million. • Our disciplined inventory management enabled us to reduce inventory by 6% at year end. • We increased our secured credit facility by $100 million to up to $450 million. • We paid $16.7 million in cash dividends throughout the year. • Importantly, we generated positive free cash fl ow1. 1 Free cash fl ow is net cash provided by operating activities less capital expenditures. continued Looking ahead, we believe that there are multiple opportunities to drive sales and enhance our fi nancial performance by continuing to focus on giving our customer the style and value she loves with a great experience. In 2017, our key strategic initiatives, which we call our Jump Start plan, are to: • Continue to build our online business, with further enhancements to the site design and functionality, improved mobile capabilities, additional digital marketing, expanded assortments, and investments in our supply chain. We will also work to better connect stores and our online platform by leveraging buy online, ship-to-store capabilities, and make online ordering available in-store from our registers. • Invigorate our merchandise with more newness, an emphasis on style and value, and an expanded gift selection. We will be building more liquidity into our merchandise plans, and we plan to add more off-price and close-out buys. In addition, we will be pulling back on underperforming categories and shifting our emphasis into key categories where we believe we can win big, including beauty, plus sizes, gifts, and women’s updated and contemporary apparel. • Build on beauty by adding smaller Clinique and Estēe Lauder counters to approximately 30 stores and expanding assortments within beauty, bath and body across the store base. • Recover merchandise margin by reducing promotional discount levels, eliminating overlapping coupons, and enhancing seasonal transitions. • Improve our relationship with our customer by connecting with her through the channels she uses most often and with more relevant messages. This includes shifting to more digital and email marketing, enhancing our loyalty programs, and emphasizing that she can “Find something new at Stage” in our marketing. • Enhance the store experience by creating a culture of strong customer service and execution through our “sell one more” initiative. We plan to create more customer facing time by reducing tasks for our store associates. We will also reduce capital spend on remodels, and close 15 to 20 strategically identifi ed locations in 2017. In addition, we will reduce our inventory levels in stores, making it easier for her to shop. We will remain laser focused on operating our business e ciently, improving comparable sales and margin through our Jump Start Plan, reducing capital expenditures, and improving working capital. We believe we are making the right investments in the right areas of our business to energize our brand, stores, website, and customers. In the fi rst quarter of fi scal 2017, we announced the acquisition of a minimum of 50 Gordmans store leases, with rights to assume leases for an additional seven stores and a distribution center. We believe that Gordmans stores are a natural complement to Stage, bringing benefi cial diversifi cation and scale to our business, while creating synergies through the use of our current infrastructure. By acquiring Gordmans stores, we believe that we have an opportunity to benefi t from its o -price competencies, deep connection with a youthful customer, and strong home and gifts businesses. The acquisition also enhances our store portfolio with the most profi table of Gordmans locations, giving us a strong Midwestern presence in markets larger than those we serve today. We thank our shareholders and suppliers for their continued support, as well as our associates for their ongoing dedication to Stage Stores. Sincerely, Michael L. Glazer President and Chief Executive Officer Stage Stores, Inc. Notice of 2017 Annual Meeting of Shareholders and Proxy Statement Stage Stores, Inc. 2425 West Loop South Houston, Texas 77027 April 21, 2017 Dear Shareholder: On behalf of the Board of Directors, it is my pleasure to invite you to attend the 2017 Annual Meeting of Shareholders of Stage Stores, Inc. The Annual Meeting will be held at our corporate office located at 2425 West Loop South, Houston, Texas, on June 1, 2017, beginning at 8:15 a.m. CDT. The following pages contain the Notice of Annual Meeting of Shareholders and the accompanying Proxy Statement. We encourage you to review these materials for information concerning the business to be conducted at the Annual Meeting. Your vote is very important. Whether or not you plan to attend the Annual Meeting, we urge you to vote as soon as possible. If you attend the Annual Meeting, you may revoke your proxy and vote in person, even if you have previously submitted a proxy. We have elected to take advantage of Securities and Exchange Commission rules that allow us to furnish proxy materials to certain shareholders on the Internet. On or about the date of this letter, we began mailing a Notice of Internet Availability of Proxy Materials to shareholders of record at the close of business on April 3, 2017. At the same time, we provided those shareholders with access to our online proxy materials and filed our proxy materials with the Securities and Exchange Commission. If you received a Notice of Internet Availability of Proxy Materials, you will not receive a printed copy of the proxy materials unless you request it by following the instructions for those materials contained in the Notice. Thank you for your continued support of Stage Stores, Inc. Sincerely, William J. Montgoris Chairman of the Board STAGE STORES, INC. NOTICE OF 2017 ANNUAL MEETING OF SHAREHOLDERS AND PROXY STATEMENT TABLE OF CONTENTS NOTICE OF ANNUAL MEETING OF SHAREHOLDERS .................................................................................................... i IMPORTANT INFORMATION REGARDING VOTING...................................................................................................... ii IMPORTANT INFORMATION REGARDING AVAILABILITY OF PROXY MATERIALS ......................................... ii IMPORTANT INFORMATION REGARDING ANNUAL MEETING ATTENDANCE .................................................... ii PROXY STATEMENT................................................................................................................................................................ 1 ABOUT THE ANNUAL MEETING...................................................................................................................................... 1 ITEM 1: ELECTION OF DIRECTORS .............................................................................................................................. 4 GOVERNANCE ...................................................................................................................................................................... 7 SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT .................................... 14 ITEM 2: APPROVAL OF THE STAGE STORES 2017 LONG-TERM INCENTIVE PLAN ..................................... 17 EXECUTIVE COMPENSATION ........................................................................................................................................ 26 DIRECTOR COMPENSATION .........................................................................................................................................
Load more

Recommended publications
  • Why Stage Stores Closing Matters
    By Bill Read retail strategies May 14, 2020 REPORT Why Stage Stores closing matters The retail community knew there would be retail fall-out from Covid-19. Retail stores have been suffering, and Stage Stores has filed Chapter 11, closing all its stores. The chain is being put up for sale, in part or whole. Stage operated stores under various names, including Goody’s, Bealls, and Palais Royal. However, you would not find these stores in major metro markets across the country. Stage is well known for locating in the county seat of America’s small towns. Rural America needed access to affordable clothing and department stores with multiple categories of products lines. As Stage Stores matured, it was finding its place in retailing as an off-price discount apparel store. Following in the success of TJ Maxx, Ross, and Burlington stores, Stage’s plan was to convert all stores to the Gordmans’s name and operate as an off-price fashion store. The store conversions were being well received by their small-town audiences, but Covid-19 was more than they could handle. Texas will be the most affected by the closings, with 186 stores set to begin going-out-of-business sales. While 13 other states had between 20 to 40 stores, Texas has the most stores by far, with 4.5 million square feet. Its too early to tell if a retailer will step up and buy the store locations or leases, but in today’s climate for new stores, it will be a challenge finding a buyer.
    [Show full text]
  • Supplemental Financial Information June 30, 2004 (Unaudited)
    Supplemental Financial Information June 30, 2004 (Unaudited) Table of Contents Page No. Corporate Profile 1 Statements of Consolidated Income 2 Consolidated Balance Sheets 3 Statements of Consolidated Income at Prorata Share 4 Consolidated Balance Sheets at Prorata Share 5 Summary Operating Data 6 Funds from Operations Dividends General and Administrative Expenses Net Operating Income Rentals Interest Expense Property Financial Statements of Unconsolidated Joint Ventures at Prorata Share 8 Summary Balance Sheet Information 9 Common Share Data Capitalization Capital Availability Credit Ratings Debt Information 10 Outstanding Balance Summary Fixed vs Variable Rate Debt Secured vs Unsecured Debt Coverage Ratios Weighted Average Interest Rates Schedule of Maturities Other Information 12 Tenant Diversification Lease Expirations Leasing Production Average Minimum Rent per Square Foot Property Information 14 Acquisition Summary New Development Summary Property Investment Summary Disposition Summary Occupancy Property Listing This supplemental financial information package contains historical information of the Company and is intended to supplement the Company’s Annual Report on Form 10-K for the year ended December 31, 2003, and its unaudited quarterly financial statements. Certain information contained in this Supplemental Financial Information package includes certain forward-looking statements reflecting Weingarten Realty Investors’ expectations in the near term that involve a number of risks and uncertainties; however, many factors may materially
    [Show full text]
  • Stage Stores, Inc
    UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _______________ FORM 10-K (Mark One) ; ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended January 29, 2011 or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ Commission File No. 1-14035 Stage Stores, Inc. (Exact Name of Registrant as Specified in Its Charter) NEVADA 91-1826900 (State or Other Jurisdiction of Incorporation or Organization) (I.R.S. Employer Identification No.) 10201 MAIN STREET, HOUSTON, TEXAS 77025 (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code: (800) 579-2302 Securities registered pursuant to Section 12(b) of the Act: Title of each class Name of each exchange on which registered Common Stock ($0.01 par value) New York Stock Exchange Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes No ; Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes No ; Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
    [Show full text]
  • Retail Market Analysis
    RETAIL MARKET ANALYSIS WEST CENTRAL DISTRICT ALBUQUERQUE, NEW MEXICO Prepared For: STRATA DESIGN 305 Hermosa NE Albuquerque, New Mexico 87108 Prepared By: GIBBS PLANNING GROUP, Inc. 201 W. Mitchell Street, No. 150 Petoskey, Michigan 49770 19 January 2011 TABLE OF CONTENTS INTRODUCTION…………………………………………………………………………. 1. Figure 1: West Central Study Area Map……………………………………………… 1. Executive Summary …………………………………………………………………….. 1. Figure 2: West Central gateway photo………………………………………………. 2. Background…………………………………………………………………………….…. 2. Figure 3: Primary Trade Area Map……………………………………………………. 3. Figure 4: West Central gateway photos………………………………………….…… 4. Methodology……………………………………………………………………………… 4. Figure 5: Unser Crossing photos………………………………………………….…... 5. Limits of Study …………………………………………………………………….…….. 6. Figure 6: Primary and Secondary Trade Area Map ……………………………….. 7. Trade Area……………………………………………………………………………….. 7. Demographic Characteristics………………………………….………………………. 8. Table 1: Demographic Comparison Table ………………………………………….... 8. Tapestry Lifestyles …………………………………………………………………….... 9. Table 2: Tapestry Lifestyles…………………………………………………………….. 9. Figure 7: Tapestry Lifestyles Segmentation Graph………………………………….. 12. Employment Base ……………………………………………………………………… 12. Table 3: Employment by Sector………………………………………………………… 13. TRADE AREA CHARACTERISTICS……………………………………………….…. 13. Location…………………………………………………………………………………… 13. Access………………………………………………………………………………..……. 13. Table 4: Traffic Counts ………………………………………………………………… . 14. Other Shopping Areas …………………………………………………………….…….
    [Show full text]
  • Stage Stores Reports February Sales Announces
    Exhibit 99 NEWS RELEASE CONTACT: Bob Aronson Vice President, Investor Relations 800-579-2302 ([email protected]) FOR IMMEDIATE RELEASE Stage Stores Reports February Sales Announces Participation at Bank of America Merrill Lynch 2011 Consumer Conference HOUSTON, TX, March 3, 2011 - Stage Stores, Inc. (NYSE: SSI) today reported that its total sales for the four week February period ended February 26, 2011 decreased 5.1% to $94 million from $99 million in the prior year four week period ended February 27, 2010. Comparable store sales decreased 7.2%. Andy Hall, President and Chief Executive Officer, commented, “We were pleased with the way the business performed in the second half of the month, with comparable store sales up approximately 10%. Unfortunately, this was not enough to offset the weakness we experienced in the first half of February, as a result of extreme weather conditions in the center of the country, most notably Texas, Oklahoma, Arkansas and Missouri, which represent close to 51% of our comparable store sales base.” Mr. Hall concluded, “Our inventories are well managed and our underlying fundamental traffic trends remain solid. As a result, we are projecting a 1% to 3% increase in comparable store sales for the first quarter, and will provide additional guidance for the quarter and fiscal year in our fourth quarter 2010 earnings release next Tuesday.” Store Activity There were no store openings during February, while one store was closed as a result of the store’s roof collapsing, due to excessive weight from accumulated snow, and another store was closed due to smoke damage from a fire in a neighboring store.
    [Show full text]
  • Outdoor Retailer + Snow Show 2018 Verified Store List January 25 - 28, 2018 • Colorado Convention Center • Denver, Co
    OUTDOOR RETAILER + SNOW SHOW 2018 VERIFIED STORE LIST JANUARY 25 - 28, 2018 • COLORADO CONVENTION CENTER • DENVER, CO This retail store location list details only one unique storefront per city/state and/or city/country that attended Outdoor Retailer + Snow Show 2018. ALABAMA BROWNFIELDS .....................................................................PHOENIX CALIFORNIA 20TH SPECIAL FORCES GROUP (A) ............................BIRMINGHAM C&S SPORTING GOODS .......................................................PHOENIX 153 WESTFIELD INC .......................................................FULLERTON CLIMBERK ................................................................. MONTGOMERY DAWOODBHOY INC ...............................................................TUCSON 180COMMERCE ................................................................CARLSBAD HIBBETT SPORTING GOODS INC .................................BIRMINGHAM FIRST CHAIR RENTAL SHOP ............................................FLAGSTAFF 510SKATEBOARDING .......................................................BERKELEY MOUNTAIN HIGH OUTFITTERS ....................................BIRMINGHAM FOREVER RESORTS ......................................................SCOTTSDALE 707 STREET ................................................................LOS ANGELES PANTS STORE ...........................................................................LEEDS FOSTERS SHOES ...................................................................TUCSON 7P INTERNATIONAL .............................................................
    [Show full text]
  • Stage Stores Completes the Acquisition of Bc Moore & Sons, Inc
    Exhibit 99.2 NEWS RELEASE CONTACT: Bob Aronson Vice President, Investor Relations 800-579-2302 ([email protected]) FOR IMMEDIATE RELEASE STAGE STORES COMPLETES THE ACQUISITION OF B.C. MOORE & SONS, INC. HOUSTON, TX, February 27, 2006 - Stage Stores, Inc. (Nasdaq: STGS) today reported that it has completed its previously announced acquisition of privately held B.C. Moore & Sons, Inc. (“B.C. Moore”). In purchasing B.C. Moore, the Company acquired 78 retail locations, which are located in small markets throughout Alabama, Georgia, North Carolina and South Carolina. The Company’s integration plan calls for 69 of the acquired locations to be converted into Peebles stores, and the remaining 9 locations will be closed. The acquisition expands and strengthens the Company’s position in the Southeastern United States, and is consistent with its corporate strategy of increasing the concentration of its store base into smaller and more profitable markets. Jim Scarborough, Chairman and Chief Executive Officer of Stage, commented, “We are pleased to have completed this acquisition so quickly, and we enthusiastically look forward to entering these new markets with our Peebles store format. Our new customers in these markets will enjoy our exceptional service, exciting brand names, merchandise selections, and value in easy-to-shop and conveniently located stores.” Stage Stores, Inc. brings nationally recognized brand name apparel, accessories, cosmetics and footwear for the entire family to small and mid-size towns and communities. The Company currently operates 376 Bealls, Palais Royal and Stage stores throughout the South Central states, and operates 174 Peebles stores throughout the Midwestern, Southeastern, Mid-Atlantic and New England states.
    [Show full text]
  • John C. Weld, Jr., Et Al. V. Stage Stores, Inc., Et Al. 99-CV-957-Complaint
    ' 111° II/ s UNITEERDNS DistRicr OUTH TATES CO OF TEXAS FILED MAR 3 1999 Gs liCb8ItJ. MUbydICkrkolcaud UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF TEXAS JOHN C. WELD, JR., On Behalf of § No. 1:1 -9 - 0 9 5 7 Himself and All Others Similarly Situated, S CLASS ACTION § Plaintiff, § § vs. § STAGE STORES, INC., CARL TOOKER, § COMPLAINT FOR VIOLATION OF TYLER INTERNATIONAL, -TYLER S510(b) AND 20(a) OF THE -MASSACHUSETTS, L.P., TYLER CAPITAL § SECURITIES EXCHANGE ACT OF FUND L.P., BCIP TRUST ASSOCIATES S 1934 AND SEC RULE 10b-5 L.P., BCIP ASSOCIATES, BAIN § CAPITAL, INC., BAIN VENTURE § CAPITAL, ACADIA PARTNERS L. P., ACADIA FW PARTNERS L.P._ ACADIA MOP, INC., OAK HILLART1\--TER—S) INC., S SANDRA BORNSTEIN, ERNEST R. CRUSE, S RIGO HERNANDEZ, JERRY C. IVIE, JOANNE SWARTZ, MARK SHULMAN, MEL WARD, DONALD R. WESTBROOK, JAMES § MARCUM, STEPHEN LOVELL, CHARLES § SLEDGE, ADAM KIRSCH, JOSHUA § BEKENSTEIN, PETER G. MULVIHILL, CREDIT SUISSE FIRST BOSTON and BEAR, STEARNS & CO. INC., § § Defendants. S Plaintiff Demand A S Trial By Jury 9S , INTRODUCTION AND OVERVIEW Summary 1. This is an action on behalf of purchasers of Stage Stores, Inc. ("Stage Stores" or the "Company") stock between 5/7/97 and 8/6/98 (the "Class Period"). Stage Stores operates hundreds of retail casual clothing stores in the mid and southwest. 2. In 1988, Stage Stores had been taken "private" in a leveraged buyout ("LBO") arranged and financed by two venture capital groups -- Bain Capital and Acadia (see ¶1118 and 19, infra). After Stage Stores went private, its business performed much worse than expected and one significant acquisition it made was a failure, making Stage Stores a very poor investment for Bain Capital and Acadia.
    [Show full text]
  • Gordmans Department Store (Stage Stores) 200 S Red River Expy SALE Burkburnett, TX 76354 Wichita Falls Submarket TABLE of CONTENTS
    Gordmans Department Store (Stage Stores) 200 S Red River Expy SALE Burkburnett, TX 76354 Wichita Falls Submarket TABLE OF CONTENTS I. OFFERING SUMMARY 3 - 4 II. PROPERTY OVERVIEW 5 – 8 III. MARKET OVERVIEW 9 – 12 200 S Red River Expy OFFERING MEMORANDUM Eva Horton Sara Fredericks Albert Spiers Managing Director Director Associate 713.599.5188 469.467.2057 713.626.2288 [email protected] [email protected] [email protected] This Memorandum does not constitute a representation that the business or affairs of the Property or Seller since the date of preparation (DATE) of this Memorandum have remained the same. Analysis and verification of the information contained in this Memorandum are solely the responsibility of the prospective purchaser. Additional information and an opportunity to inspect the Property will be made available upon written request of interested and qualified prospective purchasers. Seller and Agent each expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers regarding the Property, and/or terminate discussions with any party at any time with or without notice. Seller reserves the right to change the timing and procedures for the Offering process at any time in Seller’s sole discretion. Seller shall have no legal commitment or obligations to any party reviewing this Memorandum, or making an offer to purchase the Property, unless and until such offer is approved by Seller, and a written agreement for the purchase of the Property has been fully executed and delivered by Seller and the Purchaser thereunder. This Memorandum and the contents, except such information which is a matter of public record or is provided in sources available to the public, are of a confidential nature.
    [Show full text]
  • Crosby Et Al V. Stage Stores Inc
    UNITED STATES DISTRICT COURT MIDDLE DISTRICT OF TENNESSEE MAYA CROSBY and DENEEN PATTON, on COLLECTIVE ACTION behalf of themselves and all those similarly COMPLAINT situated, Plaintiffs, Civil Action No. _______________ v. STAGE STORES INC., Defendant. COLLECTIVE ACTION COMPLAINT Plaintiffs Maya Crosby and Deneen Patton (collectively “Plaintiffs”), on behalf of themselves and all others similarly situated, by and through their counsel, Outten & Golden LLP, complaining of the Defendant Stage Stores, Inc., including all subsidiaries and related entities, (collectively “Defendant” or the “Company”), allege as follows: PRELIMINARY STATEMENT 1. This lawsuit seeks to recover unpaid minimum wage and overtime compensation for Plaintiffs and their similarly situated co-workers who have worked for Defendant as Sales Associates, Visual Associates, eCommerce Fulfillment Associates, Custodian Freight Associates, Counter Managers, Cosmetic Sales Mangers, Beauty Advisors, and Assistant Store Managers in stores nationwide (collectively “Hourly Workers”). 2. Defendant is a retail clothing company operating approximately 793 stores in 42 states throughout the United States including Tennessee, Texas, Louisiana, Georgia, Indiana, Kentucky, Pennsylvania, Mississippi, Missouri, North Carolina, South Carolina, New York, Virginia, Alabama, and Arkansas. Defendant does business under the brands Stage, Peebles, Goody’s, Bealls, and Palais Royal. 3. Defendant employs Hourly Workers, such as Plaintiffs, to assist in the Case 3:18-cv-00503 Document 1 Filed 05/30/18 Page 1 of 11 PageID #: 1 operation of their stores by: assisting customers, staffing fitting rooms, using the cash register to assist customers with making purchases, cleaning the store, organizing the displays, and unloading stock. 4. Defendant requires its Hourly Workers to meet daunting productivity requirements each workweek, forcing Plaintiffs to work long hours, often in excess of 40 hours per workweek to fulfill required responsibilities.
    [Show full text]
  • November 21, 2019 Safe Harbor
    November 21, 2019 Safe Harbor Forward-Looking Statements This presentation contains forward-looking statements. Such statements are intended to qualify for the protection of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. The words “anticipate,” “estimate,” “expect,” “objective,” “goal,” “project,” “intend,” “plan,” “believe,” “will,” “should,” “may,” “target,” “forecast,” “guidance,” “outlook” and similar expressions generally identify forward-looking statements. Similarly, descriptions of the Company’s objectives, strategies, plans, goals or targets are also forward-looking statements. Forward-looking statements relate to the expectations of management as to future occurrences and trends, including statements expressing optimism or pessimism about future operating results or events and projected sales, earnings, capital expenditures and business strategy. Forward-looking statements are based upon a number of assumptions and factors concerning future conditions that may ultimately prove to be inaccurate. Forward-looking statements are not guarantees of future performance, and actual results may differ materially from those discussed in forward-looking statements as a result of various factors. Such factors include, but are not limited to, the ability of the Company to maintain normal trade terms with vendors, the ability of the Company to comply with the covenant requirements contained in its revolving credit facility agreement, the demand for the Company’s merchandise and other factors. The demand for
    [Show full text]
  • Why Stage Stores Closings Matter
    By Bill Read retail strategies May 14, 2020 REPORT Why Stage Stores closings matter The retail community knew there would be retail fall-out from Covid-19. Retail stores have been suffering, and Stage Stores has filed Chapter 11, closing all its stores. The chain is being put up for sale, in part or whole. Stage operated stores under various names, including Goody’s, Bealls, and Palais Royal. However, you would not find these stores in major metro markets across the country. Stage is well known for locating in the county seat of America’s small towns. Rural America needed access to affordable clothing and department stores with multiple categories of products lines. As Stage Stores matured, it was finding its place in retailing as an off-price discount apparel store. Following in the success of TJ Maxx, Ross, and Burlington stores, Stage’s plan was to convert all stores to the Gordmans’s name and operate as an off-price fashion store. The store conversions were being well received by their small-town audiences, but Covid-19 was more than they could handle. Texas will be the most affected by the closings, with 186 stores set to begin going-out-of-business sales. While 13 other states had between 20 to 40 stores, Texas has the most stores by far, with 4.5 million square feet. Its too early to tell if a retailer will step up and buy the store locations or leases, but in today’s climate for new stores, it will be a challenge finding a buyer.
    [Show full text]