Stage Stores preps for bankruptcy: report

Stage Stores, which operates department stores Gordmans, Bealls and Goody's, could file as soon as next week

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Department store operator Stage Stores Inc is preparing for a bankruptcy filing that could come as soon as next week, CNBC reported, citing people familiar with the story.

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Shares of the company fell sharply Friday and have lost over 93 percent of their value this year.

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The plans are not definite yet and a potential filing could be delayed or avoided, the report added.

Stage Stores did not immediately respond to a Reuters request for comment.

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A bankruptcy filing would mark yet another retailer's collapse after luxury department store chain Neiman Marcus and apparel retailer J. Crew Group Inc filed for bankruptcy this week.

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Many retailers have had to close their stores, furlough employees, suspend dividend and tap into credit facilities to survive the financial hit caused by the lockdowns due to the COVID-19 pandemic.

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