Off-Price Retailer Stein Mart Files for Bankruptcy, Plans to Close Stores
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Stein Mart Inc. has filed for bankruptcy with plans to permanently close all or most stores, becoming the latest distressed retailer to succumb to the economic fallout caused by restrictions due to the coronavirus pandemic.
The discount department-store chain, which has locations nationwide, filed for chapter 11 protection Wednesday in U.S. Bankruptcy Court in Jacksonville, Fla. Stein Mart said it is evaluating strategic alternatives, including the potential sale of its e-commerce business and related intellectual property.
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