(Gray News) - Stein Mart has announced its filing for bankruptcy, and it expects to close a significant amount of its locations as a result.
CEO Hunt Hawkins said the effects of the coronavirus on the economy and the existing retail environment are the prime reasons for the decision.
“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,” Hawkins said in a news release. “The Company lacks sufficient liquidity to continue operating in the ordinary course of business.”
Stein Mart operates 281 stores across 30 states. It was founded in Mississippi in 1908.