Algonquin Stein Mart Will Close

ALGONQUIN, IL — Stein Mart, which announced in August it had filed for Chapter 11 bankruptcy protection, is closing all of its stores, including its location at 215 S. Randall Road in Algonquin.

To clear out merchandise, a going-out-of-business sale is underway at all brick-and-mortar Stein Mart stores. The store is currently offering 50-percent off everything and jewelry is 60 percent off. Store fixtures, furniture and equipment are also for sale.

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"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," said Hunt Hawkins, Stein Mart chief executive officer. "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."

Stein Mart customer gift cards and loyalty rewards points will be accepted "for a limited time," according to the company.

Other Chicago-area Stein Mart stores are located in St. Charles, Kildeer, Orland Park, Willowbrook, Wheaton and Deerfield.