Exhibit 99.1
NEWS RELEASE
CONTACT:
Bob Aronson
Director of Investor Relations
800-579-2302
([email protected])
FOR IMMEDIATE RELEASE
STAGE STORES ANNOUNCES STORE CLOSING PROGRAM
HOUSTON, TX, December 29, 2000 - - Stage Stores, Inc.
today announced that it has filed a motion with the U.S.
Bankruptcy Court for the Southern District of Texas to close
an additional 121 stores as a part of its restructuring
process.
Jim Scarborough, Chief Executive Officer and President,
commented, "As a part of our ongoing restructuring process,
we have identified 348 stores in 14 states which will serve
as our base for returning the Company to profitability.
These stores fit the geographic and demographic profiles we
have identified as our niche markets. The majority of these
stores are in markets where we have a long history of
operating profitably. In fact, the performance of this core
group of stores has improved significantly since we began
our restructuring process in June."
Mr. Scarborough continued, "In order to focus all of
our efforts on our core operations, we have engaged The Ozer
Group and Hilco Merchant Resources to manage the liquidation
of the stores scheduled for closure, subject to Bankruptcy
Court approval. Under our agreement, we will receive a
guaranteed recovery for the inventory, net of related
expenses."
Stage Stores, Inc. brings nationally recognized brand
name apparel, accessories, cosmetics and footwear for the
entire family to small towns and communities throughout the
south central and midwestern United States. The company
currently operates stores 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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