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Stein Mart at 500 N. Stephanie Street in Henderson is seen in a screenshot. (Google)
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ByMarvin Clemons/Las Vegas Review-Journal
August 12, 2020 - 11:57 am
Stein Mart has filed for bankruptcy and plans to close most of its 281 stores nationwide.
The company operates two stores in Las Vegas and one in Henderson.
The specialty off-price retailer offers designer and name-brand fashion apparel, home decor, accessories, and shoes.
A Chapter 11 bankruptcy was filed Wednesday in Jacksonville, Florida.
“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, CEO. “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. The Company lacks sufficient liquidity to continue operating in the ordinary course of business. I would like to thank all of our employees for their dedication and support.”
Details have not been released about closings. A liquidation sale has begun at most stores, the company said.
A news release said the bankruptcy filing would, pending court approval, allow the company to continue its current operations, including paying wages to workers and to vendors.
The release said company executives are “evaluating any and all strategic alternatives, including the potential sale of its eCommerce business and related intellectual property.”
More than a dozen nationwide retailers have filed for Chapter 11 bankruptcy since the coronavirus pandemic began in March.
Contact Marvin Clemons at mclemons@reviewjournal.com. Follow @Marv_in_Vegas on Twitter.
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