Stein Mart Inc. files for bankruptcy, launches store closing process

Signs in the window of the Stein Mart store in Frisco state it will be among the locations closing as part of the company's liquidation process. (Valerie Wigglesworth/Community Impact Newspaper)
Signs in the window of the Stein Mart store in Frisco state it will be among the locations closing as part of the company's liquidation process. (Valerie Wigglesworth/Community Impact Newspaper)

Signs in the window of the Stein Mart store in Frisco state it will be among the locations closing as part of the company's liquidation process. (Valerie Wigglesworth/Community Impact Newspaper)

Image description
Signs in the window of the Stein Mart store in Frisco state it will be among the locations closing as part of the company's liquidation process. (Valerie Wigglesworth/Community Impact Newspaper)
Stein Mart Inc. announced Aug. 12 that it had voluntarily filed for bankruptcy as it does not have “sufficient liquidity” to continue operations. A press release from the company said it expects to close “a significant portion, if not all” of its stores and has launched a store closing and liquidation process.

“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,” Stein Mart Chief Executive Officer Hunt Hawkins said in the release. “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.”


Stein Mart has 281 stores in 30 states, including more than a dozen stores in the Dallas-Fort Worth-area. Some DFW locations include 1701 Preston Road in Plano, 3333 Preston Road in Frisco, 3550 W. University Drive in McKinney, 6101 Long Prairie Road in Flower Mound, 1610 Keller Parkway in Keller and Fort Worth locations at 6385 Camp Bowie Blvd. and 5026 S. Hulen St.

A list of specific store closures was not released Aug. 12, but signs in the window of the Frisco location stated it was going out of business. www.steinmart.com

By William C. Wadsack
William C. Wadsack is editor of the Frisco edition of Community Impact Newspaper. He previously served as managing editor of several daily and weekly publications in North Texas and his native state of Louisiana before joining Community Impact Newspaper in 2019.


MOST RECENT

The city of Frisco and GRBK Edgewood LLC entered into a development agreement to revise the layout and amenities for the park space near Eldorado Parkway and Coit Road. (Site plan courtesy city of Frisco)
Development plans for two city parks submitted to Frisco Planning & Zoning Commission

City parks on the east and west ends of Frisco are in the works, according to recently submitted site plans.

Gov. Greg Abbott on July 27 issued an executive order extending the early voting period for the Nov. 3 election. (Screenshot of Sept. 17 press conference)
Lawsuit takes aim at start date for early voting as some Texas Republicans challenge Gov. Greg Abbott's order

A group of prominent Texas Republicans has embarked on a legal effort to undo the governor's executive order that extended the early voting period for the Nov. 3 election.

The forum is free to view on YouTube and will include candidates who will be on Nov. 3 ballots in Collin and Denton counties at the state and county levels. (Courtesy Adobe Stock)
Frisco chamber to host virtual candidate forum for state, county races

The Frisco Chamber of Commerce will host a virtual candidate forum for state and county elective offices on Sept. 24.

The Grind Burger Bar Tap Room offers craft burgers and beer. (Courtesy The Grind Burger Bar Tap Room)
Grind Burger Bar to open in McKinney and more DFW news

Read the latest business and community news from the Dallas-Fort Worth area.

The real estate brokerage opened its Frisco office at Hall Park in June 2019. (Courtesy Redfin)
Real estate brokerage Redfin expanding Frisco offices in 2021

The office’s total square footage will grow to 65,000 to make room for hiring in Redfin’s mortgage, brokerage, title and engineering teams as well as iBuying businesses.

The fitness studio will combine spin, high-intensity interval training and yoga in 60-minute sessions. (Courtesy Spenga)
Fitness studio Spenga to open in Frisco this winter

The fitness studio will combine spin, high-intensity interval training and yoga in 60-minute sessions.

Voting sign
Sean Heatley withdraws from Frisco ISD Board of Trustees Place 4 race

Sean Heatley has withdrawn from the Frisco ISD board of trustees Place 4 race, but his name will remain on the ballot in the November election, according to the district.

The steakhouse serves steak, lobster, seafood and wine. (Courtesy III Forks Prime Steakhouse)
III Forks Prime Steakhouse relocates from Dallas to Frisco

The restaurant on Legacy Drive opened Sept. 15.

Not-for-profit agencies in Collin County can submit invoices for personal protective equipment to the county for reimbursement. (Courtesy Fotolia)
Collin County to reimburse housing and shelter not-for-profits for some coronavirus costs

Collin County plans to reimburse not-for-profit organizations that provide housing and shelter services for costs they have accrued assisting citizens during the coronavirus pandemic.

Main Street Food Hall is expected to open in Frisco in 2021. (Courtesy Bryan Brickman)
Food hall coming to Frisco in 2021 and more DFW news

Read the latest business and community news from the Dallas-Fort Worth area.

Main Street Food Hall is expected to open in Frisco in 2021. (Courtesy Bryan Brickman)
Main Street Food Hall to offer 10 vendors, bars, event spaces in Frisco in 2021

The food hall will span 10,000 square feet over two floors with 10 vendors, two bars and over 30 TVs.

Frisco confirmed two more mosquito pools had tested positive for West Nile virus. (Courtesy Adobe Stock)
Mosquito pools near two Frisco neighborhoods test positive for West Nile virus

City officials said they would be increasing surveillance efforts and using larvicide as necessary where stagnant water or larvae are observed.