Bealls Inc. has purchased the fee interest for a 435,000-square-foot distribution center in Jacksonville, Texas, along with the intellectual property of Stage Stores, in a $7 million deal. Stage Stores’ May 2020 Chapter 11 bankruptcy filing was quickly followed by liquidation proceedings for the off-price chain.
Stage Stores had operated more than 738 stores under banners including Palais Royal, Gordmans, Goody’s, Peebles and Bealls. Previously, the acquiring company had the rights to use the Bealls name only in Florida, Georgia and Arizona, but this purchase gives it national rights. The IP purchase also includes Stage’s private label brands and customer lists.
“We are very excited about this transaction for many reasons,” said Matt Beall, CEO of Bealls in a statement. “The distribution center will allow us to gain additional merchandise processing capacity to support our expansion efforts. This is our first owned logistics facility located outside the state of Florida. With our Burkes Outlet chain expanding throughout the U.S., it is important that we shore up our foundation to support this growth.”
The family-owned Bealls Inc. operates more than 540 stores in 17 states under the Bealls, Bealls Outlet, Burkes Outlet, Home Centric and Bunulu banners, as well as online at beallsflorida.com and burkesoutlet.com.
Stage Stores also has sold two other sites for a combined $360,000: an income-producing industrial RTV (return to vendor) center in Jacksonville and a retail site in Logan, W. Va. Both were acquired by the real estate firm Jetall Companies Inc.