FORM 8-K
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
February 3, 2000
(Date of Report, date of earliest event reported)
Stage Stores, Inc.
(Exact name of registrant as specified in its charter)
Commission file number 001-14035
DELAWARE 76-0407711
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identifications No.)
10201 Main Street, Houston, 77025
Texas (Zip Code)
(Address of principal executive
offices)
(713) 667-5601
(Registrant's telephone number, including area code)
Not Applicable
(Former name or address, if changed since last report)
ITEM 5. Other Events.
A press release which announced the Company's amendment to
the credit agreement, discussed the Company's cost reduction program,
reported the Company's fourth quarter 1999 sales and covered certain
other matters was issued by the Company on February 3, 2000 and is
attached hereto as Exhibit 99.1.
ITEM 7. Financial Statements and Exhibits.
(a) Financial statements of business acquired.
Not applicable.
(b) Pro forma financial information.
Not applicable.
(c) Exhibits.
99.1 Press release dated February 3, 2000 issued by the
Company.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized.
STAGE STORES, INC.
February 3, 2000 /s/ James A. Marcum
(Date) James A. Marcum
Vice Chairman and,
Chief Financial Officer
NEWS RELEASE
CONTACT:
Bob Aronson
Director of Investor Relations
(800) 579-2302
FOR IMMEDIATE RELEASE
STAGE STORES, INC. ANNOUNCES CREDIT AGREEMENT AMENDMENT,
DISCUSSES COST REDUCTION PROGRAM AND REPORTS FOURTH QUARTER 1999
SALES
______________________________
HOUSTON, TX, February 3, 2000 -- Stage Stores, Inc. (NYSE: SGE)
announced today that the Company's bank lending group has amended
certain provisions contained within its $200 million revolving
credit facilities agreement. The amendment, which is effective
immediately, waives the Company's compliance with the financial
covenants contained in the credit agreement for the fourth
quarter ended January 29, 2000. In addition, the amendment
revises the financial covenants and the clean down provision for
fiscal year 2000.
The Company also announced that it has completed a review of its
asset base. As a result of this review, it has identified, among
other things, approximately 60 stores which will be closed during
2000. Furthermore, the Company has implemented a cost reduction
program. This program includes, among other things, a work force
reduction, primarily at its central office, that is designed to
save approximately $4.5 million in annualized payroll and payroll
related costs. As a result of the aforementioned initiatives,
the Company expects to record significant pretax charges during
the fourth quarter of fiscal year 1999.
The Company additionally reported sales of $324.7 million for the
fourth quarter ended January 29, 2000 as compared to sales of
$357.3 million for the prior year period. The decrease in sales
primarily reflects the net reduction of 31 stores for the year
and a 7.8% decline in comparable store sales during the quarter
which was driven by a softness in the Company's sales during the
Christmas holiday selling period as previously discussed by the
Company in its January 6, 2000 sales release.
The Company expects to report its fourth quarter financial
results on or about March 9, 2000.
Stage Stores, Inc. brings nationally recognized brand name family
apparel, accessories, cosmetics and footwear for the entire
family to small towns and communities throughout the United
States. The company operated 648 stores in 33 states at the end
of the fourth quarter, primarily under the Stage, Bealls and
Palais Royal trade names.
Any statements in this press release that may be considered
forward-looking statements are subject to risks and uncertainties
that could cause actual results to differ materially. These
risks and uncertainties are discussed in periodic reports filed
by the Company with the Securities and Exchange Commission that
the Company urges investors to consider.
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