Stein Mart, Inc. and its subsidiaries have filed Chapter 11 in the United States Bankruptcy Court for the Middle District of Florida – Jacksonville Division.
The company expects to close “a significant portion, if not all, of its brick-and-mortar stores with the company announcing closing sales. The Company is evaluating any and all strategic alternatives, including the potential sale of its eCommerce business and related intellectual property.
Stein Mart has operated a store in north Wilmington since 2016.
Hunt Hawkins, CEO 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.
The company operates 281 stores across 30 states. For more information,, visit www.SteinMart.com.
See an earlier story.