Stage Stores Gets OK To Liquidate In Ch. 11

By Rick Archer (August 14, 2020, 7:46 PM EDT) -- A Texas bankruptcy judge on Friday approved discount retailer Stage Stores' plan to finish its ongoing liquidation and shut down its remaining stores after hearing a last-minute plea by a real estate developer seeking more time to close a deal to buy the company.

At a telephone hearing, U.S. Bankruptcy Judge David Jones approved the company's liquidation plan after hearing its counsel say it had failed to close on a going-concern sale to Houston real estate developer Ali Choudhri and was facing mounting expenses if it continued the case.

"The focus has been on a going-concern transaction, but the wisdom of...

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