UPDATE 1-Stage Stores files for bankruptcy as pandemic chokes sales

(Adds details from company statement, background)

May 10 (Reuters) - Stage Stores Inc SSI.N filed for Chapter 11 bankruptcy late on Sunday, the latest casualty of the coronavirus pandemic, following the collapse of luxury store chain Neiman Marcus and apparel retailer J. Crew Group Inc.

The discount department store operator said it would seek bids for the business or any of its assets and initiate wind-down of its operations. Stage Stores added that if it receives a viable going-concern bid, it would terminate the wind-down plans at certain locations.

Many retailers have had to close their stores, furlough employees, suspend dividend and tap into credit facilities to survive the financial hit caused by lockdown measures put in place to curb the spread of the pandemic.

"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," Chief Executive Officer Michael Glazer said in a statement.

"Given the conditions, we have been unable to obtain necessary financing and have no choice but to take these actions."

The Houston, Texas-based company said it expects to reopen about 557 stores on May 15, and about 67 stores in the second phase by May 28, and the remainder stores next month.

The company listed both assets and liabilities between $500 million and $1 billion, according to a filing with the U.S. Bankruptcy Court for the Southern District of Texas.

Last month, Reuters reported that Stage Stores Inc had asked vendors for more time to pay bills and other concessions as the company was hoping to avoid a bankruptcy filing.