(WJHL) – Stein Mart, Inc. announced Wednesday the company has filed for Chapter 11 Bankruptcy.
A release on Stein Mart’s website read in part, “The Company expects to close a significant portion, if not all, of its brick-and-mortar stores and, in connection therewith, the Company has launched a store closing and liquidation process.”
No specific store locations were listed on the release.
There is one Stein Mart in the Tri-Cities region at the Johnson City Crossing retail development.
The release also included the following statement from Chief Executive Officer and Chief Financial Officer of Stein Mart, Inc., Hunt Hawkins.
“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. 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. The Company lacks sufficient liquidity to continue operating in the ordinary course of business. I would like to thank all of our employees for their dedication and support.”Hunt Hawkins, Chief Executive Officer and Chief Financial Officer of Stein Mart, Inc.
This is a developing story. Look for updates on WJHL.com.