HOUSTON--(BUSINESS WIRE)--Stage Stores, Inc. (NYSE: SSI) today announced a series of steps the Company is taking to reduce costs and preserve liquidity in response to increasingly challenging market conditions and the impact of the COVID-19 pandemic. These steps include:

• Temporarily closing all 738 of its stores at 6 p.m. local time today. Prior to today’s closings, the Company had approximately 393 stores closed in compliance with state and local regulations. The Company’s stores closing tonight are primarily located in smaller markets and have been operating with reduced hours;

• Furloughing virtually all the Company’s associates in stores, field support roles and at the distribution centers. In addition, 87% of the employees at its Houston Support Center are being furloughed, effective March 29, 2020. All furloughs will continue until further notice. The Company has identified 80 key associates who perform essential functions who are not subject to furlough at this time. While the Company will not pay wages to furloughed associates, it will continue the eligible furloughed associate’s health and welfare benefits;

• Reducing pay by at least 25% for the members of the executive leadership team. Members of the Company’s Board of Directors will not receive compensation during this period. All reductions in pay are effective March 29, 2020, and will remain in effect for a period to be determined; and

• The Company will continue to both explore additional opportunities to reduce costs in the near term and evaluate additional measures to preserve liquidity.

“With the health and safety of our associates and guests as our top priority, we are taking difficult but necessary actions in a challenging market and in the face of the unprecedented COVID-19 situation,” said Michael Glazer, Chief Executive Officer. “We are grateful to all of our associates for their dedication and commitment to serving our guests.”

Stage will continue to monitor the COVID-19 situation and follow the recommendations of government and health officials as it develops a plan, which may change with evolving circumstances, as to when it will re-open stores and distribution centers.

About Stage Stores

Stage Stores, Inc. is a leading retailer of trend-right, name-brand values for apparel, accessories, cosmetics, footwear and home goods. For more information about Stage Stores, visit the company’s website at corporate.stage.com.