Stage Stores is a subsidiary of Specialty Retailers Inc. The reorganization plans include granting stock in the reorganized company to unsecured creditors, canceling existing shares of stock without distribution and allowing the reorganized company to continue to operate stores under the Stage, Bealls and Palais Royal brands.
Jim Scarborough, Stage Stores' CEO, says "recent operating results indicate we are regaining the customer's confidence with significant sales gains being achieved. We believe we have accomplished the goals we set forth in filing for Chapter 11 protection." Scarborough also says the reorganization plan will create a "profitable entity going forward." The company has been selling off leases since filing for Chapter 11 last year. Its existing portfolio consists of 347 stores in the south central US.
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