Stein Mart Bankruptcy
 

Today, Stein Mart announced it is filing Chapter 11 and could close all stores for good. Sorry to see it go.
From Microsoft News:

The discount department store announced today that it has filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division. It has sought a judge’s approval to maintain business operations in the near term, such as paying employee wages and benefits as well as suppliers and vendors, plus using its cash collateral.

As part of its bankruptcy proceedings, Stein Mart is evaluating strategic alternatives, including the potential sale of its e-commerce business and related intellectual property. It also expects to shutter a “significant portion, if not all,” of its brick-and-mortar locations.

In a statement, the company said it has already begun the closing and liquidation process as it “lacks sufficient liquidity” to continue operations. (It owns 281 stores across 30 states.)

“The combined effects of a challenging retail environment coupled with the impact of the coronavirus pandemic have caused significant financial distress on our business,” said CEO and CFO Hunt Hawkins. “The company has determined that the best strategy to maximize value will be a liquidation of its assets pursuant to an organized going-out-of-business sale.”

Oh.no!! It's one of the few stores here that offers apparel that's somewhat affordable and stylish PLUS more tropical. I hate to see that store disappearing!!

Chapter 11 gets them out of debt but always upper management get bonuses in the process.

hopefully some of these big stores will bounce back with a workable business model

it is a sign of the times though...covid-19 accelerated the impact that online buying has been having on these 'brick and mortar' stores...saddened to see this happening

Online buying in the long run will put many stores out of business. Covid 19 just accelerated the process.

For us we have been buying quite a bit of stuff to furnish our new home via Amazon, amazing how on heavy stuff like ladders and bar stools we can get stuff shipped for free via prime.

Yep, GM great example of that.

Hopefully the small businesses CAN bounce back

So many stores are going under, so sad. I think it’s a combination of Covid and online shopping. On certain items, like furniture, I like to see it in person. Make sure it’s comfortable, color, etc. On the other hand, both my children furnished their homes online only. It’s a new world!

I hate to see any business go Chapter 11. But that being said, I never cared for the merchandise that Stein Mart sold. It looked like "The Emmett Kelley Collection" of clothing. On the men's side of the store there were so many pinks and lavenders in the shirt racks, and shorts, that I thought that I was in the women's section.
Once in a while, I would find something appropriate for me to wear, but I had better choices at other clothing stores.

I'm not surprised. I heard so much about how great they were when they were opening the store on 27/441. I had to go and look for myself.

It was literally one of the worst department stores that I've ever been in.

There seems to be no rhyme or reason to the way it was laid out.

I found it bizarre and I'm sure that many other's did as well.

It seems to have had it's fans but I didn't get it.

If we all keep looking for the lowest price we can find , be prepared for more of this , a future with no malls just mail order and Walmart and everyone wearing same dreary things and same furniture

Amazon’s prices and quality isn’t that great, always check Walmart against them both free shipping but Walmart does better job

At 81 I’m still trying hard to keep Amani, Hugo Boss, Italian shoes and short boots and Nike to thrive lol I’m still a fashion snob and have never in 30 years even when I lived on beaches left the house at night in shorts to eat or socialize ������������

You must have found a different Walmart because their stuff is cheap junk.

The economy stinks the only thing that help the markets is the money The Fed poured in buying JUNK BONDS. Don’t expect retail to get any better NATIONALLY the smarter people are actually saving and paying down debt. Not many people are vacationing Disney just announced they are cutting hours due to attendance short falls again blaming pandemic. AMC Theater are trying to reopen with 15 cent tickets for the first week. Of course we live in a bubble OLD PEOPLE with extra disposable income!

Actually the Disney hours are typical for the Fall. Keep in mind they eliminated the Extra Hours when they reopened in June, otherwise the close would have been 8 PM.

I would like to go back to the time when we had towns with real stores, no malls and no internet.