Stage Stores, Inc. (NYSE: SSI) announced plans to convert almost all its stores to off-price, including the Goody’s Store in Hinesville, according to a press release. The company plans to begin converting its remaining department stores, including the Goody’s in Hinesville, in February 2020, and expects to be operating approximately 700 predominantly small-market Gordmans off-price stores by the third quarter of fiscal 2020. The company plans to close approximately 40 stores during fiscal 2020. Capital spending in fiscal 2020 is expected to be approximately $30 million.
“We are excited about our future as we fully transition to an off-price business model,” said CEO Michael Glazer. “ Our future is bright and we are grateful to our dedicated associates and vendor partners for their continued support during our transformation. We believe this pivot from department stores to off-price will increase shareholder value and drive sustainable growth.”