Why Are Stage Stores Closing?

Is Mall of America closing?

MINNEAPOLIS (WCCO) — After closing in mid-March due to the COVID-19 outbreak, the Mall of America is reopening Wednesday.

The mall initially planned to reopen on June 1, but pushed back the date due to unrest in the Twin Cities over the death of George Floyd..

Did Stage Stores find a buyer?

Stage Stores, Inc. Specialty Retailers, Inc. On May 11, 2020, Stage Stores announced it had filed for Chapter 11 bankruptcy after failing to find a buyer for the chain. …

Is bath and body going out of business?

Bath & Body Works: 50 stores Bath & Body Works parent company L Brands said in May that it plans to close 50 stores in the US in 2020.

Why are major department stores closing?

Over 12,000 physical stores have closed due to factors including over-expansion of malls, rising rents, bankruptcies of leveraged buyouts, low quarterly profits outside holiday binge spending, delayed effects of the Great Recession, and changes in spending habits.

Is gordmans closing all their stores?

Like many others, our business was significantly impacted by COVID-19. We temporarily closed all of our stores as we have worked to manage through this challenging environment. Despite all of our efforts, we have been unable to obtain necessary financing to continue operating as an independent business.

Who bought stage out?

Bain Capital cashed out of Stage Stores in 1997, netting the firm $117 million. Stage Stores filed for Chapter 11 bankruptcy two years later. After emerging from bankruptcy, the company continued to acquire competitors. It acquired Peebles in 2003 and purchased Goody’s in 2009.

Why malls are dying?

There are lots of reasons why malls are dying, from the rise of online shopping and some retailers’ slow adaptation to the middle class shrinking and younger people, struggling to pay off student loans and find affordable housing, not having the money to spend on shiny new things.

Why are malls failing?

One of the biggest reasons that so many stores are failing is that people aren’t shopping the same way they used to. Rather than spending whole afternoons walking around the mall, many people prefer to shop in their pajamas at home. Shopping isn’t a pastime like it used to be — it’s more transactional.

Are Bealls stores closing in Texas?

The Stage Store Inc. … Stage Stores Inc., its Houston-based parent company, is moving forward on its plans to convert Bealls department stores in Texas to Gordmans’ off-price stores. The switch will take place in 2020. The store will close for about 2 weeks while the conversion takes place.

Why is stage going out of business?

“The increasingly challenging market environment was exacerbated by the covid-19 pandemic, which required us to temporarily close all of our stores and furlough the vast majority of our associates,” Michael Glazer, the company’s chief executive, said in a statement.

Is gordmans going out of business 2020?

Stores closing in 2020: 738 The latest retailer to find this out is Stage Stores, the owner of Gordmans off-price stores and a bunch of other regional brands, including Bealls, Goody’s and Peebles. The company filed for bankruptcy on May 10 and said it would permanently shut down all of its stores.

Which gordmans locations are closing?

Numerous local media have reported on individual Gordmans stores slated for closure, including locations in Illinois, North Dakota, Indiana, Nebraska, Missouri, Iowa, Colorado and Wisconsin.

Who is buying out Bealls?

Bealls, the flagship store at the Plaza Shopping Center at Crockett Road and South Loop 256, has announced its closing, and will reopen as Gordman’s in 2020. Bealls, a fixture of the local economy for more than 40 years, is closing – sort of.

Is gordmans closing for good?

ROANOKE, Va. – We could soon be seeing no Gordmans stores as the company’s more than 500 stores may close for good. … According to Stage Stores, the COVID-19 pandemic made financial matters worse, as it required the company to temporarily close all locations and furlough the majority of employees.