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ST. PETERSBURG, Fla. (AP) — National discount department store chain Stein Mart filed for bankruptcy on Wednesday after 112 years in business, and announced that it will close most, if not all, of its 280 stores.
"The combined effects of a challenging retail environment coupled with the impact of the Coronavirus (COVID-19) pandemic have caused significant financial distress on our business," wrote Chief Executive Officer Hunt Hawkins in a news release. "The Company lacks sufficient liquidity to continue operating in the ordinary course of business."
Headquartered in Jacksonville, Florida, Stein Mart has more than 280 stores in 30 states, including Lubbock and Amarillo, specializing in clothing, shoes and housewares at discount prices. Many of the stores are located in community shopping centers. As of May 30, the company employed about 8,400 people.
Hunt said Stein Mart will continue to operate normally "in the near term," and is evaluating the potential sale of its eCommerce business. A going-out-of-business sale will begin Friday or Saturday, according to spokeswoman Linda Tasseff, who said she anticipates all stores will close by the fourth quarter of 2020, with closing dates varying by store.
"Please know that this was an extremely difficult decision, and is deeply disappointing for all of us at Stein Mart," Hunt said in a written statement. "We have loved serving our communities over the years and are so grateful to our loyal customers who chose to shop our stores."
Stein Mart closed its businesses in mid-March because of the pandemic. It began reopening in April, and eventually reopened all of its stores with reduced hours. It borrowed $10 million in June under the federal Paycheck Protection Program. The company first started doing business in 1908, in Mississippi.
About two dozen retailers, big and small, have filed for Chapter 11 protection this year, far exceeding the number for all of last year.
Among them: America's oldest retailer, Lord & Taylor; J. Crew; J.C. Penney; Neiman Marcus; Men's Wearhouse; Jos. A. Bank; Stage Stores; and Ascena Retail Group, which owns Lane Bryant and Ann Taylor.
Men's Wearhouse and Jos. A. Bank parent is planning to close 100 stores imminently in bankruptcy. See if your local store is on the list.
- Tailored Brands could close up to 500 stores as it restructures in bankruptcy.
- The company owns Men's Wearhouse, Jos. A. Bank, Moores, and K&G Fashion Superstore.
- In a court filing on Sunday, Tailored Brands revealed a list of the first 100 stores it plans to close.
- Visit Business Insider's homepage for more stories.
Tailored Brands, owner of Men's Wearhouse, Jos. A. Bank, Moores, and K&G Fashion Superstore, filed for Chapter 11 bankruptcy on Sunday.
It had announced in July that it planned to close as many as 500 stores while it weathered the effects of the coronavirus pandemic.
In bankruptcy court filings on Sunday, the company revealed the first 100 leases it plans to reject.
"The coronavirus pandemic has altered the way we live and work. There are fewer in-person meetings, less going out, and postponed wedding celebrations, whereas our clothes are better suited to being out and about. That, in turn, means the need for fewer stores," the company said on an informational page about its restructuring.
It continued: "We shared in July that some stores will close as a result and, while we are still making decisions about which stores will be affected, our actions will help us right-size our store fleet. In the meantime, rest assured, the Chapter 11 process includes specific protections that allow us to provide a consistent shopping experience for our customers."
The list of initial closures includes 33 Men's Wearhouse stores, 64 Jos. A. Bank stores, and three Moores stores.
Here are the stores listed in the first round of closures:
11081 Westheimer Road, Suite A, Houston, TX 77042
2401 Preston Road, Plano, TX 75093
10210 Collierville Road, Suite 101, Collierville, TN 38017
9320 Marshall Drive, Lenexa, KS 66215
2048 Redwood Highway, Greenbrae, CA 94904
2505 El Camino Real, Redwood City, CA 94061
11915 SW Canyon Road, Suite A, Beaverton, OR 97005
23700 El Toro Road, Suite A, Lake Forest, CA 92630
1420 Plaza Drive, West Covina, CA 91790
27530 W Lugonia Avenue, #B7, Redlands, CA 92374
246 N New Hope Road, Gastonia, NC 28054
4325 Glenwood Avenue, #239, Raleigh, NC 27612
4229 Louisburg Road, Suite 131, Raleigh, NC 27604
3100 SW College Road, Suite 328, Ocala, FL 34474
4256 Okeechobee Blvd, West Palm Beach, FL 33409
12605A W Sunrise Blvd, Sunrise, FL 33323
825 Dulaney Valley Road, Suite 4340, Towson, MD 21204
9101 W Broad Street, Richmond, VA 23294
6521 Robinson Center Drive, Pittsburgh, PA 15205
4954 W 95th Street, Oak Lawn, IL 60453
3232 Lake Avenue, Suite 190, Wilmette, IL 60091
5101 Hinkleville Road, Suite 530, Paducah, KY 42001
100 Cambridgeside Place, Space W225, Cambridge, MA 02141
376 Boylston Street, Boston, MA 02116
215 Needham Street, Newton, MA 02464
215 University Avenue, Westwood, MA 02090
685 Bald Hill Road, Warwick, RI 02886
424 Belmont Street, Worcester, MA 01604
245 Upland Square Drive, Stowe, PA 19464
1219 3rd Avenue, New York, NY 10021
950 Post Road E, Westport, CT 06880
1 Park Avenue, New York, NY 10016
650 Lee Blvd, Suite J03A, Yorktown Heights, NY 10598
Jos. A. Bank:
100 E Pratt Street, Baltimore, MD 21202
1401 Rockville Pike, Suite 150, Rockville, MD 20852
1199 Wilmette Avenue, Suite 1, Wilmette, IL 60091
447 Springfield Avenue, Suite 2, Summit, NJ 07901
8400 Germantown Avenue, Suite 3, Philadelphia, PA 19118
10300 Southside Blvd, Suite 142, Jacksonville, FL 32256
8069 Jericho Turnpike, Woodbury, NY 11797
215 N Cattlemen Road, Suite 56, Sarasota, FL 34243
5755 Christie Avenue, Emeryville, CA 94608
2511 Stoneridge Mall Road, Pleasanton, CA 94588
306 Hiawatha Blvd W, Suite L-206, Syracuse, NY 13204
805 Rosedale Center, Suite 905, Roseville, MN 55113
1850 2nd Street, Suite 100, Highland Park, IL 60035
50 Massachusetts Avenue, NE, Washington, DC, 20002
7301 S Santa Fe Drive, Unit 728, Littleton, CO 80120
1 Walden Galleria, Space TH174, Buffalo, NY 14225
563 Ritchie Highway 565, Severna Park, MD 21146
5050 Town Center Circle, Suite 213, Boca Raton, FL 33486
8201 S Tamiami Trail, Unit A32, Sarasota, FL 34238
21100 Dulles Town Circle, Suite 125, Dulles, VA 20166
1847 N Clybourn Avenue, Chicago, IL 60614
555 11th Street Street, NW, Washington, DC 20004
55 S Main Street, Suite 1-C, Naperville, IL 60540
2434 E Sunrise Blvd, Space Q3, Fort Lauderdale, FL 33304
345 S Lake Avenue, Suite 104, Pasadena, CA 91101
7730 Girard Avenue, Suite 102, La Jolla, CA 92037
1200 McKinney Street, Suite 105, Houston, TX 77010
1923 Calle Barcelona, Suite 139, Carlsbad, CA 92009
14006 Riverside Drive, Suite 62, Sherman Oaks, CA 91423
925 Blossom Hill Road, Suite 1509, San Jose, CA 95123
2200 S Randall Road, Algonquin, IL 60102
12447 S Main Street, Rancho Cucamonga, CA 91739
201 Boardwalk Place, Gaithersburg, MD 20878
208 E 3rd Avenue, San Mateo, CA 94401
110 Albany Turnpike, Suite 505, Canton, CT 06019
775 Main Street S, Suite 25, Southbury, CT 06488
111 Turnpike Street, Space 6RT, North Andover, MA 01845
4610 Merchants Park Circle, Suite 561, Collierville, TN 38017
265 18th Street NW, Suite 4180, Atlanta, GA 30363
270 University Avenue, Palo Alto, CA 94301
390 Sutter Street, San Francisco, CA 94108
3345 Chambers Road, Suite 10, Horseheads, NY 14845
150 W Main Street, Los Gatos, CA 95030
4500 Olde Perimeter Way, Suite 100 # 1200, Atlanta, GA 30346
1900 Kaliste Saloom Road, Suite 200, Lafayette, LA 70508
3350 S Soncy Road, Suite 108, Amarillo, TX 79124
970A Milwaukee Avenue, Lincolnshire, IL 60069
12221 Seal Beach Blvd, Seal Beach, CA 90740
2615 Medical Center Parkway, Suite 2090, Murfreesboro, TN 37129
740 S Allied Way, Suite A, El Segundo, CA 90245
409 E Putnam Avenue, Cos Cob, CT 06807
500 W Madison Street, Lobby 1, Chicago, IL 60661
36 E Main Street, Mount Kisco, NY 10549
111 Broadway, Lobby B, New York, NY 10006
336 Miracle Mile, Coral Gables, FL 33134
9611 SW Washington Square Road, Portland, OR 97223
97 Main Street, Suite K, Stony Brook, NY 11790
30 Forbes Road, Suite I, Braintree, MA 02184
240 Andover Street, Peabody, MA 01960
320 Market Street, Lynnfield, MA 01940
8137 Fashion Drive, Nanuet, NY 10954
6005 O Street, Suite H, Lincoln, NE 68510
1403 N Main Street, Walnut Creek, CA 94596
20936 Frederick Road, Germantown, MD 20876
582 Chemin de la Touraine, Boucherville, QC, Canada, J4B 5E4
81 Boulevard de la Gappe, Gatineau, QC, Canada J8T 0B5
55 Boulevard du Plateau, Gatineau, QC, Canada J9A 3G1
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