The off-price department store said it will likely close all of its 281 brick-and-mortar locations.
Stein Mart joins the growing list of retailers to file for bankruptcy amid the ongoing coronavirus pandemic.
“The combined effects of a challenging retail environment coupled with the impact of the coronavirus [COVID-19] pandemic have caused significant financial distress on our business,” Hunt Hawkins, chief executive officer and chief financial officer of Stein Mart, 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.
The news comes just months after Stein Mart’s board approved a motion to take the retailer, which sells apparel, accessories and footwear, in addition to home decor, off the public market in an effort to increase shareholder value.
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