Houston-based retailer Stage Stores to close about 90 stores
HOUSTON (AP) — Stages Stores Inc. plans to close about 90 underperforming locations. The Houston-based retailer made the announcement Thursday.
President and CEO Michael Glazer says the closures involve stores representing 4 percent of total sales. Company officials did not immediately say which locations will close. Glazer says the company was challenged by the impact of a weaker peso and economic softness in parts of Texas, Louisiana, Oklahoma, and New Mexico.
Stage Stores has about 850 locations in 40 states, with more than 14,000 employees. It operates as Stage, Bealls, Goody's Palais Royal and Peebles.
The company on Thursday reported fiscal second-quarter profit of $1.6 million, with net income of 5 cents per share. Earnings, adjusted for non-recurring costs, came to 22 cents per share. The results fell short of Wall Street expectations.
Posted on Fri, August 21, 2015
by Associated Press