Stage Stores announced on Sunday that it filed Chapter 11 bankruptcy.
Stage operated stores in Geneva, Newark, and Penn Yan previously known as Peebles, and more recently known as Goldmans.
In fact, the company had celebrated a grand reopening at locations in February.
Stage Stores is based in Houston, Texas.
The company’s CEO Michael Glazer said there wasn’t a choice.
“This is a very difficult announcement, and it was a decision that we reached only after exhausting every possible alternative,” he said. “Over the last several months, we had been taking significant steps to attempt to strengthen our financial position and find an independent path forward. However, 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.”
The stores would reopen for liquidation, but nothing more. So, when the region enters Phase II of Governor Andrew Cuomo’s reopening plan for the economy – Gordmans will enter just to shut down.
It looks like that could come in early-June.
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