HOUSTON — EDITOR'S NOTE: The video above is a report of another Texas-based retailer filing for bankruptcy due to the economic crisis caused by the coronavirus outbreak.
Houston-based Stage Stores Inc., which owns several department store brands, has filed for Chapter 11 bankruptcy protection and is looking to sell its business.
Additionally, Jason Curtis, Stage's executive vice president and CFO, will step down on May 22 to take a job with another retailer, according to a May 10 press release. As such, Stage tapped former executive Rick Stasyszen to support CEO Michael Glazer, who will oversee the company's finance functions. Stasyszen previously served as Stage's senior vice president of finance and controller until 2019. Elaine Crowley also has been appointed chief restructuring officer.
In its bankruptcy petition, Stage lists more than $1.71 billion in assets and $1.01 billion in debts, based on financial data as of Nov. 2, 2019. Axar Capital Management LP owns 14.87% of the company's equity, and Glazer owns 6.41%. The petition lists between 10,000 and 25,000 creditors.
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