Bealls, Gordmans begin liquidation sales May 15
Liquidation sales for 550 of the 738 Stage Stores locations in 42 states are due to begin Friday, May 15, as part of a Chapter 11 bankruptcy plan. An inquiry as to whether that will include the two Gordmans and one Bealls in Corpus Christi has so far gone unanswered.
Unless a buyer is found soon, the company that owns Bealls, Gordmans, Palais Royal, and Goody’s department stores could be forced to close its properties.
In Corpus Christi last fall, two of its three Bealls became Gordmans, a discount department store. Only one Bealls remained at 4101 Interstate 69 Access Road in the Five Points Shopping Center.
Houston-based Stage Stores became the third large retailer in the country to file for Chapter 11 bankruptcy this week. Also close to going out of business are J. Crew and Neiman Marcus.
“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. “Given these conditions, we have been unable to obtain necessary financing and have no choice but to take these actions.”
Company stocks dropped 22 percent after the announcement. Shares are down more than 95 percent this year.
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