The following segment was excerpted from this fund letter.
NEW HOLDING - Stage Stores (SSI)
Stage Stores is a retailer that focuses on small markets. The company operates 625 specialty department stores (Bealls, Goody's, Palais Royal, Peebles, and Stage) and 158 off-price stores (Gordmans) in small towns and rural communities. 86% of its stores are in markets with populations of 150,000 or less, and 61% of its stores are in markets with populations of 50,000 or less.
Management plans to convert all of the specialty department stores into Gordmans by the end of 2020.