Stein Mart Bankruptcy: When & Where to Find Liquidation Sales
This week, Stein Mart filed bankruptcy and announced its plans to close all of its 279 stores. Liquidation sales are beginning immediately. Based in Jacksonville, Florida, Stein Mart filed for Chapter 11 bankruptcy protection and plans to permanently close locations.
Liquidation sales will mean drastic mark-downs and store fixture sales. So, if you’re near a Stein Mart, you may want to stop by in the near future.
Stein Mart said it already has launched a store closing and liquidation process. And, they will continues to operate its business for the time being. The retailer also is considering the sale of its e-commerce operations and intellectual property.
“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 Hunt Hawkins, Stein Mart CEO.
“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. The company lacks sufficient liquidity to continue operating in the ordinary course of business.”
Which SteinMart Locations are Closing?
Find locations here. All 279 U.S. stores, across 30 states, were closing through “Going-Out-of-Business” sales.
Our hearts go out to the employees affected by these shutdowns. And, to the consumers who rely on these stores.
COVID Retail Apocalypse
This news comes on the heels ofretail giants such as J.C. Penney declared bankruptcy and plans to close 200 stores, And, Victoria’s Secret and Bath & Body Works announced they were closing 300 stores. Gordmans bankruptcy and store closings. Tuesday Morning stores declare bankruptcy. And, of course, Pier One Imports closing all of their stores. Shortly after Neiman Marcus, another department store giant, declared Chapter 11 bankruptcy amid the coronavirus pandemic. And, most recently The Children’s Place announced they would close 300 stores. and 24-Hour fitness closes doors to nearly half of its clubs. See all of the recent store closings in the Covid Retail Apocalypse.
See all the 2020 Stores Closing here.
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