Stage Stores to Close 90 Locations
Houston-based Stage Stores plans to close 90 stores, as it cut its earnings forecast and said "economic softness" is hurting sales. Stage Stores runs 850 department stores in 40 states under the Bealls, Goody’s, Palais Royal, Peebles and Stage names. The 90 stores set to close in coming years represent 4 percent of total sales. The company posted an adjusted net income of $7 million — 22 cents per diluted share — during its second quarter, which ended Aug. 1. That compares to 35 cents per diluted share a year ago.