Stein Mart files for bankruptcy; to close nearly 300 stores

ST. PETERSBURG, Fla. : Nationwide low cost division shop chain Stein Mart submitted for individual bankruptcy on Wednesday right after 112 many years in business, and introduced that it will shut most, if not all, of its 280 stores.

“The put together results of a complicated retail setting coupled with the influence of the Coronavirus (COVID-19) pandemic have brought about sizeable monetary distress on our business,” wrote Chief Govt Officer Hunt Hawkins in a news launch. “The Enterprise lacks sufficient liquidity to carry on working in the standard system of business.”

Headquartered in Jacksonville, Florida, Stein Mart has more than 280 stores in 30 states specializing in clothing, sneakers and housewares at low cost selling prices. Several of the stores are situated in group shopping facilities. As of Could 30, the company utilized about eight,400 people today.

Hawkins reported Stein Mart will carry on to function ordinarily “in the in

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