Fly Intel: What to watch in Macy's earnings report » 11:0206/3006/30/20
M, JCP, SSI
Macy's (M) is scheduled…
|Over a month ago|
Six new option listings and one option delisting on May 13th » 08:3005/1305/13/20
OIL, PHR, SLNO, VAPO, SSI
New option listings for…
New option listings for May 13th include Invesco CurrencyShares Swedish Krona Trust (FXS), iPath Series B S&P GSCI Crude Oil ETN (OIL), Phreesia Inc (PHR), Soleno Therapeutics (SLNO), Stage Stores Inc (SSINQ), and Vapotherm Inc (VAPO). Option delistings effective May 13th include Stage Stores Inc (SSI).
Stage Stores commences voluntary Chapter 11 process » 05:0705/1105/11/20
Stage Stores announced…
Stage Stores announced that the company has filed voluntary petitions under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division. The company will simultaneously solicit bids for a going concern sale of the business or any of its assets and initiate an orderly wind-down of operations. The company will terminate the wind-down of operations at certain locations if it receives a viable going-concern bid. The health and safety of its associates and guests remains Stage Stores' top priority as it takes a phased approach to reopening its stores in the coming weeks to commence the liquidation of its inventory. The company currently anticipates that the first phase of approximately 557 stores will open on May 15, the second phase of approximately 67 stores is expected to open on May 28 and the balance of the chain is expected to open on June 4. Michael Glazer, President and CEO, commented, "This is a very difficult announcement and it was a decision that we reached only after exhausting every possible alternative. Over the last several months, we had been taking significant steps to attempt to strengthen our financial position and find an independent path forward. However, 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. Given these conditions, we have been unable to obtain necessary financing and have no choice but to take these actions." Mr. Glazer added, "Our associates play a key role in running our stores and serving guests, and I would like to thank them for their hard work and dedication. We recognize that the actions we have taken in response to the market environment and COVID-19 have affected them both professionally and personally. We deeply appreciate their efforts going forward as we begin the process of reopening stores to conduct liquidation sales. We thank our guests for their business and support, as well as our vendors, who help us maintain our assortment of brand-name apparel and stylish home decor. We appreciate the willingness of our landlords and vendors to work constructively with us to try and avoid this outcome. We hope that their efforts and the actions we have taken to reposition the business over the last several months will help attract the right partner who is interested in our off-price concept." Mr. Glazer concluded, "The health and safety of our associates and guests is of the utmost importance to us. We will continue to follow health authorities' recommendations and industry best practices as we reopen to ensure our associates and guests feel comfortable shopping in our stores." The company intends to seek approval for a consensual use of cash collateral to ensure it has the liquidity necessary to support its operations in Chapter 11. The company has also filed a number of customary motions seeking court authorization to support its operations during the court-supervised process, including the continued payment of employee wages, salaries, and health benefits without interruption for those employees that are working during this time. As part of the wind-down, the company expects to honor existing customer programs, including gift cards and returns, for the first 30 days after a store reopens. The company anticipates that it will stop accepting any outstanding gift cards or honoring other customer programs after that time.
Stage Stores preparing for bankruptcy filing, CNBC reports » 11:3005/0805/08/20
Stage Stores is getting…
Stage Stores is getting ready for a bankruptcy filing that could happen as soon as next week, CNBC's Lauren Hirsch reports, citing people familiar with the situation. The plans are not yet set in stone, and a filing could still be delayed or avoided, the author notes. A filing would underscore how the COVID-19 crisis has affected retailers, the author says. Shares of Stage Stores dropped 7.5% after the news. Reference Link
|Over a quarter ago|
Stage Stores to temporarily close all stores, furlough employees » 18:3603/2703/27/20
Stage Stores announced a…
Stage Stores announced a series of steps the company is taking to reduce costs and preserve liquidity in response to increasingly challenging market conditions and the impact of the COVID-19 pandemic. These steps include: Temporarily closing all 738 of its stores at 6 p.m. local time on March 27. Prior to the closings, the company had approximately 393 stores closed in compliance with state and local regulations. The company's stores closing are primarily located in smaller markets and have been operating with reduced hours; Furloughing virtually all the company's associates in stores, field support roles and at the distribution centers. In addition, 87% of the employees at its Houston Support Center are being furloughed, effective March 29. All furloughs will continue until further notice. The company has identified 80 key associates who perform essential functions who are not subject to furlough at this time. While the company will not pay wages to furloughed associates, it will continue the eligible furloughed associate's health and welfare benefits; Reducing pay by at least 25% for the members of the executive leadership team. Members of the company's Board of Directors will not receive compensation during this period. All reductions in pay are effective March 29, and will remain in effect for a period to be determined; and The company will continue to both explore additional opportunities to reduce costs in the near term and evaluate additional measures to preserve liquidity.
Shoe Carnival price target lowered to $18 from $47 at Susquehanna » 09:2503/1903/19/20
Susquehanna analyst Sam…
Susquehanna analyst Sam Poser lowered the firm's price target on Shoe Carnival (SCVL) to $18 from $47 despite his belief the company is the best executing family footwear retailer and should continue to benefit from the new CRM platform, operational and processes improvements, and very likely the closure if Stage Stores (SSI). Poser maintained his Positive rating on Shoe Carnival shares.
Stage Stores discloses NYSE listing deficiency notice » 16:2203/1803/18/20
Stage Stores announced…
Stage Stores announced that it received notification from the New York Stock Exchange on March 12, 2020 that the company is no longer in compliance with the NYSE continued listing criteria that requires listed companies to maintain an average closing share price of at least $1.00 over a consecutive 30 trading-day period.
Stage Stores preparing for potential bankruptcy, WSJ says » 16:1302/1102/11/20
Discount retailer Stage…
Discount retailer Stage Stores has recently been late in paying its vendors and is preparing for a financial restructuring that could include a bankruptcy filing, according to The Wall Street Journal's Alexander Gladstone, Aisha Al-Muslim and Soma Biswas, citing people familiar with the matter. State Stores shares had fallen by about 36% during the session following The Journal's report. Reference Link
Stage Stores shares plunge 40% to 69c after report of bankruptcy potential 15:1502/1102/11/20
Stage Stores preparing for possible bankruptcy, WSJ says 15:1302/1102/11/20