Form 10-Q

        UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                     Washington, D.C.  20549


     (Mark One)
          [  X  ]     QUARTERLY REPORT PURSUANT TO SECTION 13  OR
          15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

          For the quarterly period ended October 30, 1999

                               OR

          [    ]     TRANSITION REPORT PURSUANT TO SECTION 13  OR
          15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

          For the transition period from                 to

                Commission file number 333-10843


               SRI RECEIVABLES PURCHASE CO., INC.
     (Exact name of registrant as specified in its charter)


          DELAWARE                                51-349276
      (State  or  other  jurisdiction of        (I.R.S.  Employer
Identification No.)
     incorporation or organization)

     10201 Main Street, Houston, Texas            77025
    (Address of principal executive offices)     (Zip Code)

                         (713) 667-5601
       Registrant's telephone number, including area code


Indicate  by check mark whether the registrant (1) has filed  all
reports  required  to be filed by Section  13  or  15(d)  of  the
Securities  Exchange Act of 1934 during the preceding  12  months
(or  for such shorter period that the registrant was required  to
file  such  reports),  and (2) has been subject  to  such  filing
requirements for the past 90 days.  Yes  X   No

The  number of shares of common stock outstanding as of  December
3,  1999 was 1,000 shares which were held by Specialty Retailers,
Inc., a wholly owned subsidiary of Stage Stores, Inc.

THE   REGISTRANT  MEETS  THE  CONDITIONS  SET  FORTH  IN  GENERAL
INSTRUCTION H(1)(a) AND (b) OF FORM 10-Q AND IS THEREFORE  FILING
THIS FORM WITH THE REDUCED DISCLOSURE FORMAT.






               PART  I   -  FINANCIAL INFORMATION

Item 1.  FINANCIAL STATEMENTS


               SRI Receivables Purchase Co., Inc.
  (An indirect, wholly-owned subsidiary of Stage Stores, Inc.)
                    Condensed Balance Sheet
                (in thousands, except par value)
                          (unaudited)

                                         October 30,1999  January 30, 1999
                 ASSETS
   Retained Certificates in Trust            $ 80,130          $ 83,044
   Restricted cash                              3,308             5,926
   Prepaid expenses                               246               899
   Debt issue cost                                784             1,231
   Trust organization costs                     1,076             3,171
                                             $ 85,544          $ 94,271

  LIABILITIES AND STOCKHOLDER'S EQUITY
   Accrued expenses and other liabilities    $  1,524          $    709
   Payable to SRI                              12,607            23,497
   Deferred income taxes                        2,179             2,179
   Long-term debt                              30,000            30,000
      Total liabilities                        46,310            56,385


   Common stock, par value $0.01, 1 share
     authorized, issued and outstanding           --                --
   Additional paid-in capital                  33,550            32,130
   Retained earnings                            5,684             5,756
      Stockholder's equity                     39,234            37,886
   Commitments and contingencies                  --                --
                                             $ 85,544          $ 94,271



 The accompanying notes are an integral part of this statement.



                      SRI Receivables Purchase Co., Inc.
            (An indirect, wholly-owned subsidiary of Stage Stores, Inc.)
                       Condensed Statement of Operations
                                (in thousands)
                                  (unaudited)

                         Thirteen Weeks Ended         Thirty-nine Weeks Ended
                       October 30,   October 31,     October 30,   October 31,
                          1999          1998            1999          1998
Gain associated with
 Retained Certificates  $ 1,689       $  (467)        $ 5,058       $   329
Interest income on
 receivable from SRI        --          1,985             --          5,633
Interest income              40            54             136           161
Interest expense            935           935           2,805         2,805
Amortization of debt
 issue costs                161           161             482           482
General and
 administrative expenses     36           177             107           533
Operating income            597           299           1,800         2,303

Income tax expense          221           109             666           852

Income before cumulative
 effect of a change in
 accounting principle       376           190           1,134         1,451

Cumulative effect of a
 change in accounting
 principle, net of tax -
 reporting costs of
 start-up activities        --            --           (1,206)          --

Net income (loss)       $   376       $   190         $   (72)      $ 1,451


 The accompanying notes are an integral part of this statement.




                SRI Receivables Purchase Co., Inc.
   (An indirect, wholly-owned subsidiary of Stage Stores, Inc.)
                 Condensed Statement of Cash Flows
                          (in thousands)
                            (unaudited)

                                               Thirty-nine Weeks Ended
                                         October 30, 1999  October 31, 1998

Cash flows from operating activities:
   Net income (loss)                          $   (72)            $ 1,451
   Adjustments to reconcile net income
    (loss) to net cash used in operating
     activities:
     Amortization of trust organization
      and debt issue costs                        640               1,072
     Cumulative effect of a change in
      accounting principle                      1,206                 --
     Change in working capital                 (9,211)             (8,936)
     Total adjustments                         (7,365)             (7,864)

   Net cash used in operating activities       (7,437)             (6,413)

 Cash flows from investing activities:
     Decrease in restricted cash                2,618               2,400
     Purchases of accounts receivable
      from SRI                               (394,038)           (398,739)
     Transfer of accounts receivable to
      the Trust                               398,857             403,759
       Net cash provided by investing
        activities                              7,437               7,420

 Cash flows from financing activities:
     Dividends paid to SRI                        --               (1,007)
       Net cash used in investing
        activities                                --               (1,007)

       Net change in cash and cash
        equivalents                               --                  --

   Cash and cash equivalents:
     Beginning of period                          --                  --
     End of period                            $   --              $   --

Supplemental disclosure of cash flow
 information:

        Interest paid                         $ 1,875             $ 1,875

Supplemental schedule of non-cash
 investing and financing activities:

     Contribution of ineligible accounts
      receivable                              $ 1,409             $ 2,481

     Contribution of trust organization
      costs                                   $    11             $   776


 The accompanying notes are an integral part of this statement.



                SRI Receivables Purchase Co., Inc.
   (An indirect, wholly-owned subsidiary of Stage Stores, Inc.)
            Condensed Statement of Stockholder's Equity
                          (in thousands)
                            (unaudited)

                              Common Stock
                             Shares     Amount   Additional  Retained   Total
                           Outstanding            Paid-in    Earnings
                                                  Capital

Balance, January 30, 1999        1       $ --      $32,130    $ 5,756   $37,886

Net loss                        --         --          --         (72)      (72)
Contribution of ineligible
 accounts receivable            --         --        1,409         --     1,409
Contribution of trust
 organization costs             --         --           11         --        11

Balance, October 30, 1999        1       $ --      $33,550     $ 5,684   $39,234




 The accompanying notes are an integral part of this statement.




               SRI Receivables Purchase Co., Inc.
  (An indirect, wholly owned subsidiary of Stage Stores, Inc.)
        Notes to Unaudited Condensed Financial Statements


     1. The accompanying unaudited condensed financial statements
of  SRI  Receivables Purchase Co., Inc. (the "Company" or "SRPC")
have been prepared in accordance with Rule 10-01 of Regulation S-
X  and  do not include all the information and footnotes required
by   generally   accepted  accounting  principles  for   complete
financial  statements.  Those  adjustments,  which  include  only
normal   recurring  adjustments  that  are  in  the  opinion   of
management  necessary for a fair presentation of the  results  of
the  interim  periods, have been made. The results of  operations
for  such  interim  periods  are not  necessarily  indicative  of
results  of  operations for a full year. The unaudited  financial
statements  should  be  read  in  conjunction  with  the  audited
financial statements and notes thereto for the year ended January
30,  1999 filed with SRPC's Annual Report on Form 10-K.   Certain
reclassifications have been made to prior year amounts to conform
with  the  current year presentation. The fiscal years  discussed
herein end on the Saturday nearest to January 31 in the following
calendar year. For example, references to "1999" mean the  fiscal
year ended January 29, 2000.

      2.  SRPC  is a wholly owned, special-purpose subsidiary  of
Specialty Retailers, Inc. ("SRI").  The Company's ultimate parent
is  Stage Stores, Inc. ("Stage Stores").  The Company, which  was
incorporated  in  1993, was established to acquire  substantially
all  of  the  trade accounts receivable generated by  holders  of
SRI's  private  label credit card accounts and to  transfer  such
accounts  receivable  to the SRI Receivables  Master  Trust  (the
"Trust")  under  the terms of a pooling and servicing  agreement.
The  Company is a separate and distinct entity from Stage  Stores
and  its other affiliates.  The Company was established with  the
intent  that, in the event of a liquidation, its creditors  would
be  entitled  to  satisfy their claims from the Company's  assets
prior  to  any  distribution  to  Stage  Stores  or  any  of  its
subsidiaries.  The Trust has issued certain certificates to third
parties representing undivided interests in the Trust. SRPC  owns
an  undivided interest in the accounts receivable not  supporting
the  certificates  issued  to third parties  by  the  Trust  (the
"Retained Interest").

     3.  On November 9, 1999, the Company completed a refinancing
of the existing term and revolving certificates outstanding under
its  accounts  receivable securitization program.  In  connection
with  the refinancing, the previously existing term and revolving
certificates   were   replaced  with  new  term   and   revolving
certificates  (the  "New Certificates").   The  New  Certificates
provide  the  Company  with  a  maximum  availability  of  $329.9
million, subject to the amount of receivables held in the  Trust.
Based upon the amount of receivables in the Trust at the time  of
closing,  the  Company received approximately $290.0  million  of
proceeds.  Of this amount, approximately $260.0 million was  used
to  retire the outstanding balances under the previously existing
Trust  certificates, which were scheduled to begin amortizing  in
December  of  1999.  The remainder of the proceeds were  used  to
redeem  the previously existing $30.0 million aggregate principle
amount   of   SRPC  12.5%  Trust  certificate-backed  notes.   In
connection with the refinancing, the Company expects to record an
after-tax  extraordinary charge of approximately $1.3 million  in
the fourth quarter of 1999.

     4.   During  the first quarter of 1999, the Company  adopted
the  Accounting  Standards  Executive  Committee's  Statement  of
Position  98-5,  "Reporting on the Costs of Start-Up  Activities"
("SOP  98-5")  which  requires costs of start-up  activities  and
organization costs be expensed as incurred. The initial  adoption
of SOP 98-5 during the quarter resulted in an after tax charge of
$1.2 million.


     Item2.   MANAGEMENT'S DISCUSSION AND ANALYSIS  OF  FINANCIAL
     CONDITION AND RESULTS OF  OPERATIONS

"Safe Harbor" Statement under the Private Securities Litigation
Reform Act of 1995.

      Certain items discussed or incorporated by reference herein
contain   forward-looking  statements  that  involve  risks   and
uncertainties  including,  but not limited  to,  the  ability  to
obtain financing on terms reasonably satisfactory to SRPC and the
seasonality  of  demand  for apparel which  can  be  affected  by
weather  patterns, levels of competition, competitors'  marketing
strategies, changes in fashion trends and availability of product
on  normal  payment terms and the failure of SRI to  achieve  the
expected  results of merchandising and marketing plans  or  store
opening  or  closing plans. The occurrence of any  of  the  above
could have a material adverse impact on the amount or quality  of
accounts  receivable  transferred to SRPC, which  in  turn  could
affect the operating results of SRPC. See additional risk factors
discussed   in   Stage  Stores  Annual  Report  on   Form   10-K.
Additionally, changes in economic conditions (including  interest
rates  and  payment patterns of the holders of SRI private  label
credit  card accounts) could negatively impact SRPC's results  of
operations. Certain information herein contains estimates,  which
represent management's best judgment as of the date hereof  based
on information currently available; however, SRPC does not intend
to update this information to reflect developments or information
obtained after the date hereof and disclaims any legal obligation
to the contrary.


Results of Operations

      Management's Discussion and Analysis of Financial Condition
and Results of Operations is limited to an analysis of results of
operations between the thirty-nine weeks ended October  30,  1999
and  the  thirty-nine weeks ended October 31, 1998,  pursuant  to
General Instruction H of Form 10-Q.

     The  gain associated with the Retained Certificates for  the
thirty-nine  weeks  ended  October 30,  1999  increased  to  $5.1
million  from  $0.3 million in the same period in 1998  primarily
due  to an increase in the amount of service charge and late  fee
income partially offset by an increase in bad debt expense and an
increase  in premium payments to SRI for the purchase of accounts
receivable.  Beginning in fiscal 1999, the  Company  discontinued
charging interest on intercompany balances between SRPC and  SRI.
Interest expense remained the same at $2.8 million for the thirty-
nine  weeks  ended October 30, 1999 and October 31, 1998.  During
the  first  quarter  of 1999, the Company recorded  a  cumulative
effect of a change in accounting principle, net of tax charge  of
$1.2  million  in connection with the adoption of SOP  98-5.  The
charge   was   related  to  the  write-off  of  the   unamortized
organization  costs associated with the Trust.  The  decrease  in
general  and  administrative expenses is due to the reduction  in
amortization expense associated with the organization costs which
were written off.


ITEM  3.         QUANTITATIVE AND QUALITATIVE  DISCLOSURES  ABOUT
MARKET RISK

      This item omitted pursuant to General Instruction H of Form
10-Q.




                  PART II  -  OTHER INFORMATION


ITEM 1.     LEGAL PROCEEDINGS

     None.


ITEM 2.     CHANGES IN SECURITIES AND USE OF PROCEEDS

      This item is omitted pursuant to General Instruction  H  of
Form 10-Q.


ITEM 3.     DEFAULTS UPON SENIOR SECURITIES

      This item is omitted pursuant to General Instruction  H  of
Form 10-Q.


ITEM 4.     SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

     This  item is omitted pursuant to General Instruction  H  of
     Form 10-Q.


ITEM 5. OTHER INFORMATION

     None.


ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K


  (a)  Exhibits

      27.1        Financial Data Schedule.





                           SIGNATURES

      Pursuant to the requirements of the Securities Exchange Act
of  1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized.

                                         SRI Receivables Purchase Co., Inc.



December 7, 1999                        /s/ Carl E. Tooker
(Date)                                  Carl E. Tooker
                                        Chairman, Chief Executive Officer
                                        and President
                                        (principal executive officer)


December 7, 1999                        /s/ James A. Marcum
(Date)                                  James A. Marcum
                                        Vice Chairman and
                                        Chief Financial Officer
                                        (principal financial and
                                        accounting officer)