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Stage Stores conducts assessment of Hurricane Rita's impact

Sep '05
Branded fashion products seller Stage Stores Inc provided its initial assessment of the impact from Hurricane Rita.The Company reported that a total of 118 stores in the Gulf Coast region were closed for a portion, or all of the period from Wednesday, September 21st through Saturday, September 24th.

Due to the mandatory evacuations that were ordered as the storm moved across the Gulf of Mexico, closings occurred in coastal markets as far south as Corpus Christi, TX and as far east as southwestern Louisiana. All but 47 stores had reopened as of Sunday, September 25th, and an additional 22 stores reopened on Monday, September 26th. The Company anticipates that most of the 25 stores that remain closed will reopen as power is restored in these markets, and that only a small number of its stores will require further assessment to determine their reopening status.

Jim Scarborough, Chairman, President and Chief Executive Officer, stated, "As with Hurricane Katrina, our thoughts and prayers go out to everyone impacted by Hurricane Rita. They will do all that we can to assist those in need."

Scarborough concluded, "They are currently in the process of assessing the financial impact that Hurricane Rita and Hurricane Katrina have had on business and they will provide further updates as information becomes available."

With regard to stores closed as a result of Hurricane Katrina, the Company stated that all but one of its stores had reopened, and it is not expected to reopen in the near future.

Stage Stores Inc brings nationally recognized brand name apparel, accessories, cosmetics and footwear for the entire family to small and mid-size towns and communities through 545 stores located in 30 states. The Company operates under the Bealls, Palais Royal and Stage names throughout the South Central states, and under the Peebles name throughout the Mid-Atlantic, Southeastern and Midwestern states.

Stage Stores Inc

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