|Bid||0.0000 x 1300|
|Ask||0.0000 x 800|
|Day's Range||0.3600 - 0.5000|
|52 Week Range||0.0305 - 25,900.0000|
|Beta (5Y Monthly)||N/A|
|PE Ratio (TTM)||N/A|
|Earnings Date||Aug. 20, 2020 - Aug. 24, 2020|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
(Bloomberg) -- Retail landlords are sending out thousands of default notices to tenants, a situation that could tip already-ailing retailers into bankruptcy or total collapse.Department stores, restaurants, apparel merchants and specialty chains have been getting the notices as property owners who’ve gone unpaid for as long as three months lose patience, according to people with knowledge of the matter and court filings.“The default letters from landlords are flying out the door,” said Andy Graiser, co-president of A&G Real Estate Partners, whose firm works with retailers and other commercial tenants. “It’s creating a real fear in the marketplace,” Graiser said.Pressure from default notices and follow-up actions like locking up stores or terminating leases was cited in the bankruptcies of Modell’s Sporting Goods and Stage Stores Inc. Many chains stopped paying rent after the pandemic shuttered most U.S. stores, gambling that they could hold on to some cash before landlords demanded payment.The stakes are enormous, and landlords are suffering, too. An estimated $7.4 billion in rent for April hasn’t been paid, or about 45% of what’s owed, according to data analyzed by CoStar Group.“If the landlords don’t put a pause on their actions, you’re going to see more bankruptcies,” Graiser said.To be sure, not every default letter is followed by a padlock on the door. In some cases, landlords are sending letters just to preserve their legal rights while they talk with their tenants.Simon Property Group Inc. says it’s in discussions with merchants at its malls and trying to take into account their financial status, market position and the depth of their relationship. “The bottom line is, we do have a contract and we do expect to get paid,” Chief Executive Officer David Simon said during the company’s May 11 earnings call.No PaymentsBut the landlords are stuck with their own bills and bank debts to pay. By some measures, they’ve already been more than patient. Normally, they’d send out default notices as soon as 10 days after missed payments, rather than waiting weeks or months.“The landlords do have the legal contract,” said Vince Tibone, a senior analyst at Green Street Advisors. “However, from a practicality standpoint, a lot of these retailers are on the brink of bankruptcy and simply cannot pay right now.”Batches of default notices went out to Stage Stores before it filed for court protection this month, according to court papers. It didn’t pay rent in March, April or May after shuttering its stores and furloughing almost all its staff.The letters began arriving in March and early April, “but the rate of such notices picked up materially in late April and early May,” Stage Stores said. Some landlords began locking the company out “and threatened to evict the debtors and dispose of the in-store inventory.”“Responding to and managing these default notices and related litigation outside of Chapter 11 would have been a monumentally difficult task,” Stage Stores said.For those already weighing bankruptcy, shutdowns caused by the pandemic upended normal calculations. Filing for Chapter 11 allows retailers to reject unwanted leases, but they’re also required to keep paying rent during the process until the court approves the cancellations.That’s hard to do with little or no revenue coming in because of the pandemic shutdowns. Even if the stores can open, consumers may be hesitant to shop, making it hard to raise cash from stores that are meant to survive the bankruptcy or from going-out-of-business sales.Retailers need adequate liquidity at the start of a bankruptcy case to keep operating, Graiser said, and if they have to pay rent while their stores are shuttered, the odds of emerging decrease.“It’s not like there’s a lot of investors out there looking to buy retailers in a Chapter 11,” Graiser said. “Landlords and retailers need to really come together and realize that this a shared pain.”Getting TestySome landlords get it, according to Tom Mullaney, managing director of restructuring at Jones Lang LaSalle Inc., the real estate services firm. Retailers he represents are getting default letters that are understanding and sympathetic; other landlords strike a more combative tone.What’s more interesting is the action, or lack of it, by the landlords afterward, Mullaney said. “In a lot of cases, the letters that are being sent aren’t being followed up on,” he said -- the landlords are simply preserving their legal rights.That said, some property owners have run out of patience and have locked out Mullaney’s clients.“The environment is getting pretty testy and emotional on both sides of the table,” he said. “The only thing worse than being a retailer right now is being a retail landlord.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- Stage Stores Inc., the owner of rural department and discount stores including Goody’s, Peebles and Gordmans, filed for bankruptcy protection, adding to the toll of traditional retailers felled by too much debt and the economic shocks of the coronavirus.The retailer will simultaneously seek buyers for parts or all of its business while it also begins to wind down operations, Stage Stores said in a statement late Sunday. It will start reopening stores that have been closed by the pandemic, with about 557 outlets scheduled to open May 15 to conduct liquidation sales.The company’s Chapter 11 filing in its home city of Houston listed assets and liabilities of between $500 million and $1 billion each.While the retailer had been seeking to bolster its financial position in recent months, “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,” President and Chief Executive Officer Michael Glazer said in the statement. “Given these conditions, we have been unable to obtain necessary financing and have no choice but to take these actions.”As of 2019, Stage Stores was running more than 700 department stores in 42 states under banners that also included Bealls and Palais Royal, according to regulatory filings. Most of the department stores are in small towns and rural communities, while the off-price stores such as Gordmans are predominantly located in mid-sized, non-rural Midwest markets.The company is composed partly of chains that previously went bust. Stage Stores was formed in 1988 when managers of Palais Royal and several venture capital firms acquired Bealls and Palais Royal, which date from the 1920s.Bankruptcy SalesThey bought Peebles Inc. in 2003, and added the “Goody’s” name in 2009 from Goody’s Family Clothing Inc. through a bankruptcy auction. In 2017, the company acquired some assets of Gordmans Stores Inc., also through bankruptcy.A second group of about 67 stores are expected to reopen May 28 and the remainder will open on June 4, the company said in its statement. The company will stop winding down operations at certain locations if it receives a viable going-concern bid, it said.Kirkland & Ellis is acting as the company’s legal adviser while PJ Solomon is its investment banker. Other professionals include Berkeley Research Group as restructuring adviser, A&G Realty as real estate adviser and Gordon Brothers Retail Partners, which will manage inventory clearance sales.The case is Stage Stores Inc., 20-32564, U.S. Bankruptcy Court, Southern District of Texas (Houston)(Adds reopening plan starting in second paragraph, CEO comment in fourth)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Stage Stores, Inc. (NYSE: SSI) ("Stage" or the "Company") today announced that the Company has filed voluntary petitions under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division. The Company will simultaneously solicit bids for a going concern sale of the business or any of its assets and initiate an orderly wind-down of operations. The Company will terminate the wind-down of operations at certain locations if it receives a viable going-concern bid.
Stage Stores Inc <SSI.N> is asking vendors for more time to pay bills and other concessions as the discount department store chain seeks to avoid a bankruptcy filing because of the coronavirus pandemic, according to correspondence seen by Reuters. "We will require concessions from you, our vendor partners," Chief Executive Michael Glazer and Chief Merchandising Officer Thorsten Weber said in an email to vendors on Monday. Stage Stores closed all its 738 stores and three distribution centers late last month, along with other "non-essential" retailers, as part of efforts to curb the spread of the novel coronavirus throughout the United States.
Stage Stores, Inc. (NYSE: SSI) ("Stage" or the "Company") today announced a series of steps the Company is taking to reduce costs and preserve liquidity in response to increasingly challenging market conditions and the impact of the COVID-19 pandemic. These steps include:
Stage Stores, Inc. (NYSE: SSI) announced today that it received notification from the New York Stock Exchange ("NYSE") on March 12, 2020 that the company is no longer in compliance with the NYSE continued listing criteria that requires listed companies to maintain an average closing share price of at least $1.00 over a consecutive 30 trading-day period.
If you own shares in Stage Stores, Inc. (NYSE:SSI) then it's worth thinking about how it contributes to the volatility...
Emphasis on Corporate Governance and Oversight NEW YORK and TORONTO , Oct. 17, 2019 /CNW/ - iAnthus Capital Holdings, Inc . ("iAnthus" or the "Company") (CSE: IAN, OTCQX: ITHUF), which ...
NEW YORK, NY / ACCESSWIRE / August 22, 2019 / Stage Stores, Inc. (NYSE: SSI ) will be discussing their earnings results in their 2019 Second Quarter Earnings to be held on August 22, 2019 at 8:30 AM Eastern ...