Retail

Stein Mart files for bankruptcy, plans to close most stores for good

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A Stein Mart store in King of Prussia, PA.

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The off-price chain Stein Mart announced Wednesday it has filed for Chapter 11 bankruptcy protection and plans to permanently close most, if not all, of its stores, adding to the turmoil in a retail industry that has been hammered by the coronavirus pandemic. 

The Jacksonville, Florida-based company said in a press release it has already launched a liquidation process to kick off going-out-of-business sales. It said it is evaluating alternatives, including the potential sale of its e-commerce operations and intellectual property. 

“The combined effects of a challenging retail environment coupled with the impact of the Coronavirus…



Source cnbc.com

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