STEIN MART DEP’T STORE CHAIN CLOSES 300 STORES IN US
The national discount department store chain Stein Mart filed for bankruptcy on Wednesday (Thursday, August 13, 2020 in Manila) after 112 years in business, and announced that it will close most, if not all, of its 280 stores, Tamara Lush wrote for the Associated Press (AP).
“The combined effects of a challenging retail environment coupled with the impact of the Coronavirus (COVID-19) pandemic have caused significant financial distress on our business,” wrote Chief Executive Officer Hunt Hawkins in a news release. “The Company lacks sufficient liquidity to continue operating in the ordinary course of business.”
Headquartered in Jacksonville, Florida, Stein Mart has more than 280 stores in 30 states specializing in clothing, shoes and housewares at discount prices. Many of the stores are located in community shopping centers. As of May 30, the company employed about 8,400 people.
Hawkins said Stein Mart will continue to operate normally “in the near term,” and is evaluating the potential sale of its eCommerce business. A going-out-of-business sale will begin Friday or Saturday, according to spokeswoman Linda Tasseff, who said she anticipates all stores will close by the fourth quarter of 2020, with closing dates varying by store.