Stage Stores Provides Initial Details on Impact from Hurricane Rita
26 Septembre 2005 - 8:59PM
Business Wire
Stage Stores, Inc. (Nasdaq:STGS) today 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.
We will do all that we can to assist those in need." Mr.
Scarborough concluded, "We are currently in the process of
assessing the financial impact that Hurricane Rita and Hurricane
Katrina have had on our business and we 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. About Stage Stores 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 543 stores located in 30 states. The
Company operates under the Stage, Bealls and Palais Royal names
throughout the South Central states, and under the Peebles name
throughout the Mid-Atlantic, Southeastern and Midwestern states.
For more information about Stage Stores, visit the Company's web
site at www.stagestoresinc.com. "Safe Harbor" Statement This news
release contains "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. The Company
intends forward looking terminology such as "believes", "expects",
"may", "will", "should", "could", "anticipates", "plans" or similar
expressions to identify forward-looking statements. Such statements
are subject to certain risks and uncertainties which could cause
the Company's actual results to differ materially from those
anticipated by the forward-looking statements. These risks and
uncertainties include, but are not limited to, those described in
the Company's Annual Report on Form 10-K as filed with the
Securities and Exchange Commission (the "SEC") on April 28, 2005,
in the Company's Quarterly Report on Form 10-Q as filed with the
SEC and other factors as may periodically be described in other
Company filings with the SEC.
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