Stein Mart bankrupt, may close all U.S. stores

3 months ago 33
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Aug. 12 (UPI) -- Discount retailer Stein Mart announced Wednesday it's filed for bankruptcy and plans to close most or all of its stores in the United States.

Stein Mart said it will continue operating through the bankruptcy, which includes paying wages and vendors.

"The combined effects of a challenging retail environment coupled with the impact of the coronavirus pandemic have caused significant financial distress on our business," CEO Hunt Hawkins said in a statement.

"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."

Stein Mart said it expects to close "a significant portion" or all of its 281 locations in 30 states.

Stein Mart joins a growing list of retailers that have filed for bankruptcy recently, including Neiman Marcus, J.C. Penney, J.Crew and Brooks Brothers.

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