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| Retailer Stein Mart closing. The company will put thousands of workers out of work. |
More than 35 million Americans are out of jobs. There are over 200,000 Americans killed from the coronavirus. There are over 6 million confirmed infections in the United States. We have civil unrest in most American cities. We have companies going out of business due to COVID-19 and private equity firms.
Another causality of the Trump economy is Stein Mart.
The off-price chain announced Wednesday it had filed for Chapter 11 bankruptcy protection, will officially be closing all of its stores for good.
The company’s liquidators — a team of Gordon Brothers, Hilco Merchant Resources, Tiger Capital Group, B. Riley Financial’s Great American Group and SB360 Capital Partners — announced Thursday morning that Stein Mart is kicking off going-out-of-business sales at all of its 279 locations.
Sales on merchandise will be up to 30% off, the press release said.
It said customers’ gift cards and loyalty rewards points will be accepted “for a limited time.” Store fixtures, furniture and equipment are also for sale.
Stein Mart CEO Hunt Hawkins said the company was ultimately pushed to the brink by the coronavirus pandemic as its liquidity dried up and sales tumbled.
It joins a growing list of retailers, including Neiman Marcus, J.C. Penney, Brooks Brothers and Sur la Table, that have filed for bankruptcy during the Covid-19 crisis. Permanent store closures announced by retailers in 2020 have also topped 6,000, according to a tracking by Coresight Research.
Stein Mart has said it is still evaluating selling its website and intellectual property during its restructuring process.
Dayton, Ohio has a location in the Town & Country Town Center. The mall is located in Kettering.
The other locations include three in Cincinnati and two in Columbus.
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