SSI stock has dropped 20% today after Stage Stores Inc (NYSE:SSI) announced it is shifting to an off-price business model.
Stage Stores, a Houston-based department store company with locations across 42 states, unveiled its plans to convert to an entirely off-price business model through its Gordman’s subsidiary, which will also lead to the closure of about 40 stores across the US. Since a 2017 acquisition of Gordman’s following its bankruptcy, Stage Stores has been gradually progressing its conversion strategy, turning 98 department stores into off-price stores. The company expects to operate approximately 700 Gordman’s off-price stores ...
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