Stein Mart has filed for Chapter 11 bankruptcy and says it plans to close most, if not all, of its stores.
According to a press release, the Florida-based company has already started the liquidation process to get out-of-business sales going.
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The company says it is looking at alternatives, like selling its e-commerce operations or intellectual property.
“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, chief executive officer and chief financial officer of Stein Mart, Inc. “I would like to thank all of our employees for their dedication and support.”
According to CNBC, Stein Mart shares sank more than 42% Wednesday morning.
Stein Mart reportedly operates 281 stores across 30 states.