ST. PETERSBURG, Fla. (AP) — Nationwide gash fee division store chain Stein Mart filed for economic extinguish on Wednesday after 112 years in industry, and introduced that this could maybe maybe stop most, if not all, of its 280 shops.
“The blended effects of a not easy retail atmosphere coupled with the affect of the Coronavirus (COVID-19) pandemic maintain triggered well-known financial damage on our industry,” wrote Chief Executive Officer Hunt Hawkins in a news begin. “The Firm lacks sufficient liquidity to proceed running in the frequent route of industry.”
Headquartered in Jacksonville, Florida, Stein Mart has better than 280 shops in 30 states specializing in clothes, shoes and housewares at gash fee costs. Plenty of the shops are located in neighborhood taking a search centers. As of May maybe 30, the company employed about 8,400 of us.
Hawkins stated Stein Mart will proceed to feature usually “in the stop to time duration,” and is evaluating the capability sale of its eCommerce industry. A going-out-of-industry sale will launch Friday or Saturday, per spokeswoman Linda Tasseff, who stated she anticipates all shops will within scrutinize the fourth quarter of 2020, with gash-off dates diverse by store.
“Please know that this was once an especially refined decision, and is deeply disappointing for all of us at Stein Mart,” Hawkins stated in a written assertion. “We maintain got cherished serving our communities over the years and are so grateful to our loyal potentialities who selected to store our shops.”
Stein Mart closed its agencies in mid-March as a consequence of the pandemic. It began reopening in April, and at final reopened all of its shops with lowered hours. It borrowed $10 million in June below the federal Paycheck Security Program. The company first started doing industry in 1908, in Mississippi.
More then 40 outlets maintain filed for Chapter 11 this yr, collectively with better than two dozen outlets who filed for the reason that pandemic began. Final yr, 23 outlets filed for Chapter 11.
Among them: The United States’s oldest retailer, Lord & Taylor; J. Crew; J.C. Penney; Neiman Marcus; Men’s Wearhouse; Jos. A. Bank; Stage Shops; and Ascena Retail Community, which owns Lane Bryant and Ann Taylor.