Stein Mart files for bankruptcy; to close nearly 300 stores
ST. PETERSBURG, Fla. Nationwide cut price division retailer chain Stein Mart filed for chapter on Wednesday after 112 years in enterprise, and introduced that it’s going to shut maximum, if now not all, of its 280 retail outlets.
The mixed results of a difficult retail atmosphere coupled with the affect of the Coronavirus (COVID-19) pandemic have brought about important monetary misery on our enterprise,” wrote Leader Govt Officer Hunt Hawkins in a information liberate. The Corporate lacks enough liquidity to proceed running within the strange path of industrial.
Headquartered in Jacksonville, Florida, Stein Mart has greater than 280 retail outlets in 30 states focusing on clothes, sneakers and housewares at cut price costs. Most of the retail outlets are positioned in neighborhood buying groceries facilities. As of Would possibly 30, the corporate hired about eight,400 other people.
Hunt stated Stein Mart will proceed to function in most cases within the close to time period, and is comparing the prospective sale of its eCommerce enterprise. A going-out-of-business sale will start Friday or Saturday, consistent with spokeswoman Linda Tasseff, who stated she anticipates all retail outlets will shut by way of the fourth quarter of 2020, with time limits various by way of retailer.
Please know that this was once an especially tricky resolution, and is deeply disappointing for all people at Stein Mart,” Hunt stated in a written observation. “We’ve beloved serving our communities through the years and are so thankful to our dependable consumers who selected to buy our retail outlets.
Stein Mart closed its companies in mid-March on account of the pandemic. It all started reopening in April, and sooner or later reopened all of its retail outlets with diminished hours. It borrowed $10 million in June below the federal Paycheck Coverage Program. The corporate first began doing enterprise in 1908, in Mississippi.
About two dozen shops, giant and small, have filed for Bankruptcy 11 coverage this yr, a long way exceeding the quantity for all of closing yr.
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Amongst them: Americas oldest store, Lord & Taylor; J. Staff; J.C. Penney; Neiman Marcus; Mens Wearhouse; Jos. A. Financial institution; Degree Shops; and Ascena Retail Team, which owns Lane Bryant and Ann Taylor.
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