Stein Mart Files For Bankruptcy

McCANDLESS, PA —Discount retailer Stein Mart has filed for bankruptcy and plans to close nearly all of its 300 locations.

Te company cited changing consumer habits and the pandemic, both of which "have caused significant financial distress on our business," Stein Mart CEO Hunt Hawkins said in
a release on Wednesday.

The company is one of many retailers to have filed for bankruptcy this year.

Stein Mart, a discount department-store chain, said it doesn't have "sufficient liquidity to continue operating in the ordinary course of business."

The company is permanently closing a "significant portion, if not all" of its brick-and-mortar stores with liquidation sales beginning immediately.