Stage Stores files for bankruptcy, the latest casualty of the coronavirus pandemic following the collapse of luxury store chain Neiman Marcus and apparel retailer J. Crew by ramavenkat0607
) filed for Chapter 11 bankruptcy late on Sunday, the latest casualty of the coronavirus pandemic following the collapse of luxury store chain Neiman Marcus and apparel retailer J. Crew Group Inc.
The company listed both assets and liabilities between $500 million and $1 billion, according to a filing with the U.S. Bankruptcy Court for the Southern District of Texas. “Given the conditions, we have been unable to obtain necessary financing and have no choice but to take these actions.” The company shut all its 738 stores and three distribution centers in March, along with other “non-essential” retailers, as part of efforts to curb the spread of the novel coronavirus throughout the United States.
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