Exhibit 99.1
FOR IMMEDIATE RELEASE FOR INFORMATION CONTACT:
Wendy Wall
([email protected])
Tony Shelton
VOLLMER (713) 546-2230
STAGE STORES, INC. NAMES
NEW PRESIDENT AND CHIEF EXECUTIVE OFFICER
HOUSTON (August 8, 2000) - Stage Stores, Inc. announced today the
appointment of James Scarborough as its new president and chief
executive officer.
"Jim is a strong leader who will help the company re-
establish itself as a premier retailer of brand name apparel in
small town America. Jim has a tremendous background in the
retail industry and is intensely concerned about customer service
and satisfaction," said Jack Wiesner, chairman of the board of
directors. "We believe that, through his innovation, motivation
and leadership, our company will be able to better anticipate and
meet our customers' needs."
Scarborough's responsibilities will include the overall
strategic, merchandising, marketing, operational and financial
leadership of the company. In this position, Scarborough will
work directly with senior executives and the board of directors.
"I'm looking forward to the challenge of making this company
prosperous again," Scarborough said. "We have to refocus on what
has made this company successful in the first place, and that is
delivering quality, brand-name family apparel to communities and
small towns across America."
Prior to joining Stage Stores, Scarborough served as the
president and CEO of Busy Body, Inc., a specialty retailer of
fitness equipment, after holding the same positions with Seattle
Lighting, Inc. Previously, he had served as president and chief
operating officer of Enstar Specialty Retail, Inc., as well as
serving seven years in senior leadership positions in the
merchandising organization of Bealls Department Stores, which is
now part of Stage Stores, Inc. He began his retail career with
Federated Department Stores in 1972 in its Filene's Boston
division.
Since Stage Stores, Inc. is currently in reorganization
under the protection of Chapter 11 of the U.S. Bankruptcy Code,
Scarborough's employment contract will be submitted to the U.S.
Bankruptcy Court in Houston.
Wiesner will continue to work with Stage in the role of non-
executive chairman of the board of directors and will oversee the
company's bankruptcy proceedings.
Stage Stores, Inc. brings nationally recognized brand name
apparel, accessories, cosmetics and footwear for the entire
family to small towns and communities throughout the United
States. The company operates more than 470 stores in 20 states,
primarily under the Stage, Bealls and Palais Royal names.
Any statements in this 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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