National Houston-based retailer to close 90 stores

Thursday, August 20, 2015
By Paul Martin
Aug 20, 2015

Houston-based Stage Stores Inc. (NYSE: SSI) will shutter 90 underperforming stores after falling short of second-quarter earnings goals and having to lower profit expectations for 2015.

The stores represent 4 percent of the company’s total assets, according to a statement from the company. It expects to start its multiyear closure process by closing the first 27 stores by the end of the fiscal year.

“The closure of stores should enhance our capital efficiency, deliver higher productivity and be accretive to earnings,” said Stage’s CEO Michael Glazer in a statement.

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