Headlines

Stein Mart Files for Chapter 11

The discount retailer will close most, if not all, of its stores

Published

4 years ago

August 12, 2020

VMSD Staff

Discount retailer Stein Mart (Jacksonville, Fla.) has filed for relief under Chapter 11 of the bankruptcy code, according to a press release. The company expects to close a “significant portion”, if not all, of its brick-and-mortar stores and has launched a store closing and liquidation process.

“The combined effects of a challenging retail environment coupled with the impact of the coronavirus 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,” said Hunt Hawkins, Chief Executive Officer of Stein Mart, in a statement.

Stein Mart is reportedly evaluating the potential sale of its e-commerce business and related intellectual property.

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