Discount department store Stein Mart files for bankruptcy, may close all 281 stores
The changing retail landscape and coronavirus pandemic contributed to the decision, chief executive says
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Discount department store Stein Mart revealed Wednesday that it filed for Chapter 11 bankruptcy, saying it plans to close a "significant portion, if not all" of its 281 stores nationwide.
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Both the changing retail landscape and coronavirus pandemic contributed to the decision to liquidate, Stein Mart CEO and CFO Hunt Hawkins said in a statement.
"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," Hawkins said. "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.”
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With the expected closures in view, Stein Mart said it will continue operating in the near term. Stein Mart may sell its ecommerce business.
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Stein Mart has locations in 30 states and is based in Jacksonville, Fla.