Stein Mart has announced it has filed for Chapter 11 bankruptcy, according to a press release.
“The Company expects to close a significant portion, if not all, of its brick-and-mortar stores and, in connection therewith, the Company has launched a store closing and liquidation process. The Company, however, will continue to operate its business in the ordinary course in the near term,” states the press release.
A list of specific stores to close has not been released yet.
Stein Mart is also looking at selling its e-commerce business and related intellectual property.
Hunt Hawkins, Chief Executive Officer of Stein Mart, Inc., said, “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. The Company has determined that the best strategy to maximize value will be a liquidation of its assets pursuant to an organized going out of business sale. The Company lacks sufficient liquidity to continue operating in the ordinary course of business. I would like to thank all of our employees for their dedication and support.”
Stein Mart, Inc. is an off-price retailer offering designer and name-brand fashion apparel, home décor, accessories, and shoes at everyday discount prices. The company operates 281 stores across 30 states. There is one Rutherford County Stein Mart at 552 North Thompson Lane, Murfreesboro, TN 37129.
For more information, visit www.SteinMart.com.