Stage Stores files for bankruptcy

(Reuters) – Stage Stores Inc said late Sunday it filed for Chapter 11 bankruptcy, marking yet another retailer’s collapse after luxury department store chain Neiman Marcus and apparel retailer J. Crew Group Inc also filed for bankruptcy.

The discount department store operator listed both assets and liabilities between $500 million and $1 billion, according to a filing with the U.S. Bankruptcy Court for the Southern District of Texas.

Last month, Reuters reported that Stage Stores Inc had asked vendors for more time to pay bills and other concessions as the company was hoping to avoid a bankruptcy filing due to market uncertainty caused by the coronavirus pandemic.

(Reporting by Rama Venkat in Bengaluru, Editing by Sherry Jacob-Phillips)