Another nationwide retailer is filing for bankruptcy amidst the pandemic.
Stein Mart filed for Chapter 11 bankruptcy protections Wednesday, citing the current situation in retail during the coronavirus pandemic.
“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,” said Hunt Hawkins, Chief Executive Officer of Stein Mart, Inc. in a statement from the company. “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 says they expect to close most, if not all, of their 281 stores and they have launched a “store closing and liquidation process.” The first store opened in 1908 in Mississippi.
The discount department store says they are looking at possibly selling their website and intellectual property during the Chapter 11 process.
Stein Mart adds to the list of several retailer who have announced bankruptcy filings or closings, including Tuesday Morning, JCPenney, Sur La Table, Mens Warehouse, Ann Taylor and Lord & Taylor.