Falling retail sales and a bankruptcy filing by Stage Stores Inc. of Houston have spelled the demise of all Stage fashion stores in Colorado — except for the local branch in Cortez.

The Houston-based corporation, which also owns Bealls and Palais Royal stores, has been beset by financial woes since July of last year, when 120 of its franchises were closed. Recently, the firm announced the closure of 121 additional stores, including four of five Colorado locations.

Bob Aronson, director of investor relations for Stage, said Monday that the Cortez store has been identified as a "strategic base" for the company, and will be used, along with 347 other stores nationwide, to turn the firm’s bleak financial picture around.

"We’ve identified 348 stores that will serve as a base for continuing profitability. The Cortez store was identified as one of them, and we will continue to evaluate performance," he said. Continuing evaluations will be based on sales, location and "strategic fit," Aronson added.

The remaining stores were also spared because their sales records in the past seven months have been viable. Jim Scarborough, CEO of Stage Stores Inc. said in a press release that sales performance at the selected stores had "improved significantly since we began our restructuring process in June."

Local reaction to the news was straightforward. "My store’s not closing — I’m happy," said Debbie White, manager of Cortez Stage.