Stage Stores files for bankruptcy, puts out 'for sale' sign

Stage Stores Inc., which operates banners including Bealls and Gordmans, has filed for Chapter 11 bankruptcy protection and plans to start selling off inventory at its 557 locations while looking for buyers. The retailer, which plans to begin reopening stores in a phased approach beginning on May 15, has said it will stop inventory clearance sales at locations where a buyer is found.