Stein Mart begins liquidation sales in all stores

JACKSONVILLE, Fla. Department store chain Stein Mart filed for bankruptcy on Wednesday after 112 years in business and announced that it will close most, if not all, of its stores.

Stein Mart in Jacksonville has more than 280 stores in 30 states that specialize in clothing, shoes and pets at discounted prices. Six of those are in Jacksonville.

As of May 30, the company employed about 8,400 people.

“The combined effects of a challenging retail environment, combined with the impact of the Coronavirus (COVID-19) pandemic, have caused significant financial problems for our company,” Chief Executive Officer Hunt Hawkins wrote in a news release. “Please know that this was a very difficult decision, and is deeply disappointing for all of us at Stein Mart.”

Hawkins said Stein Mart will normally operate “in the full term,” and he evaluates the potential sales of its eCommerce business. A sold-out sale began Friday, according to spokeswoman Linda Tasseff, who said she expects all stores to close by the fourth quarter of 2020, with closing dates varying per store.

Stein Mart closes its businesses in mid-March due to the pandemic. It started reopening in April, and eventually they reopened all its stores with reduced hours. It raised $ 10 million in June under the federal program for Paycheck Protection. The company first began doing business in 1908, in Mississippi.

More than 40 retailers have submitted for Chapter 11 this year, including more than two dozen retailers that have submitted since the pandemic began. Last year, 23 retailers submitted for Chapter 11.

Among them: America’s oldest retailer, Lord & Taylor; J. Crew; JC Penney; Neiman Marcus; Men’s Wearhouse; Jos A. Bank; Stage Shops; and Ascena Retail Group, which owns Lane Bryant and Ann Taylor.