Stein Mart files bankruptcy, expects to close all stores

Off-price retailer Stein Mart is the latest casualty of the COVID-19 crisis as the Jacksonville, Fla.,-based company files Chapter 11 bankruptcy. Stein Mart plans to close most, if not all of its 281 stores.

Stein Mart, a 112-year-old retailer, blamed its failure on changing consumer habits and ongoing COVID-19 pandemic which exacerbated the company’s financial stress, according to CEO Hunt Hawkins. Hawkins said Stein Mart does not have “sufficient liquidity to continue operating in the ordinary course of business.”  he company also said liquidation sales will begin immediately while the retailer looks for other alternatives including the sale of its online business and intellectual properties.

Stein Mart has 9,000 employees and the company expects operations to wind down by the end of the year. Stein Mart operates three stores in Arkansas.
• 210 Promenade Blvd., Rogers
• 2727 Lakewood Village Dr., North Little Rock
• 6823 Cantrell Rd.,  Little Rock

Core Sight Research reports more than 40 retailers have filed for bankruptcy this year including JC Penney, J Crew, Pier One, Stage Stores, Neiman Marcus and Ascena, parent of Justice, Ann Taylor, Cathrines and Lane Bryant.