Did Bealls go out of business?

Bealls’ parent company, Stage Stores, filed for bankruptcy in May 2020, in light of the financial constraints it was experiencing being exacerbated by the coronavirus pandemic.

Bealls is an American retail franchise that was founded by Matt Beall and the Beall family. The retailers have over 500 stores located throughout the United States of America, with the flagship store being based in Florida. According to the Dallas News, its parent company, Stage Stores, filed for bankruptcy in May 2020. This was due to a loss in income during the national shutdown and the severe ramifications thereof on the finances of the company.

In a statement on Friday, 15 May 2020, Stage Stores President and Chief Executive Officer, Michael Glazer stated, “This is a very difficult announcement, and it was a decision that we reached only after exhausting every possible alternative. Over the last several months, we had been taking significant steps to attempt to strengthen our financial position and find an independent path forward.

“However, the increasingly challenging market environment was exacerbated by the COVID-19 pandemic, which required us to temporarily close all of our stores and furlough the vast majority of our associates. Given these conditions, we have been unable to obtain necessary financing and have no choice but to take these actions.”

Bealls will begin by closing many of its branches across the country, with further closures expected to be made if it is unable to acquire funding within the designated time.