Exhibit 99.1
FOR IMMEDIATE RELEASE MEDIA CONTACT
Wendy Wall
Vollmer Public
Relations
([email protected])
713/546-2230
INVESTOR RELATIONS CONTACT
Bob Aronson
800-579-2302
STAGE STORES ANNOUNCES STORE CLOSING PROGRAM
HOUSTON, TX, July18, 2000 - - Stage Stores, Inc. today
announced that the U.S. Bankruptcy Court for the Southern
District of Texas approved the Company's plan to close 120 under
performing stores as a part of its restructuring process.
Jack Wiesner, Chairman, interim Chief Executive Officer and
President, commented, "As a part of our restructuring process, we
identified 470 core stores in 20 states which will serve as our
base for returning the Company to profitability. The 120 stores
we will be closing represent stores that were not profitable or
stores which are outside of our geographic base."
Mr. Wiesner continued, "In order to begin focusing on our
core operations immediately, we have engaged the Ozer Group and
Hilco Trading Company to manage the liquidation process at these
stores scheduled for closure. Under our agreement, we will
receive a guaranteed price for the inventory, net of related
expenses, located in these stores and Ozer and Hilco will manage
and be responsible for all aspects of the liquidation process."
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 currently operates stores overunder 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.
###
###
