Retail News

Stein Mart to close most, perhaps all, of its stores

CNBC 08/13/2020

Stein Mart has filed for Chapter 11 bankruptcy protection and announced it plans to shutter most, if not all, of its 281 stores across 30 states. The announcement adds the off-pricer to more than 40 retailers that have filed for bankruptcy so far this year, according to S&P Global Market Intelligence. “The combined effects of a challenging retail environment coupled with the impact of the Coronavirus pandemic have caused significant financial distress on our business,” said Stein Mart CEO Hunt Hawkins. “The company lacks sufficient liquidity to continue operating in the ordinary course of business.”

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