The Peebles name seems likely to go away as parent company Stage Stores Inc. converts nearly all of its stores to the Gordmans name.
Peebles has stores in Milford, Rehoboth Beach, Seaford and Elkton, MD. The Delaware State News reported that the fate of the Rehoboth Store has yet to be determined.
Last month, Stage announced plans to convert substantially all its stores to off-price.
The company plans to begin converting its remaining department stores in February of 2020, and expects to be operating approximately 700 predominantly small-market Gordmans off-price stores by the third quarter of fiscal 2020.
A limited number of stores may continue to operate under their existing department store nameplates until closure is permitted by the lease.
“We are excited about our future as we fully transition to an off-price business model,” said Michael Glazer, CEO. “Since 2018, we have converted 98 department stores to off-price.”
The company, like all department store operators, has faced major challenges. Its stock price has dropped from $22 a share in 2015 to about $1.50 in Tuesday trading.
Stage Stores, Inc. is a retailer of apparel, accessories, cosmetics, footwear and home goods. As of September 17, the company operates in 42 states through 625 Bealls, Goody’s , Palais Royal, Peebles, and Stage specialty department stores and 158 Gordmans off-price stores, as well as an e-commerce website at www.stage.com
