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 several in the Greater Houston area. Some North Houston locations include 19075 I-45 in Shenandoah, 21155 Hwy. 249 in Houston, 5319-A FM 1960 in Houston and 1153 Kingwood Drive in Kingwood.
A list of specific store closures was not released Aug. 12. www.steinmart.com