Stein Mart has filed for Chapter 11 bankruptcy and is currently in the process of closing most of its brick-and-mortar stores, including several area locations, writes Timothy Gibbons for the Philadelphia Business Journal.
The retailer is the latest victim of the coronavirus pandemic. After closing all storefronts in early March when the outbreak began, Stein Mart saw its sales plummet.
The company recorded a 57.2 percent drop in sales for the first quarter of the year compared to the same quarter of the previous year.
Now, the company is evaluating strategic alternatives, including selling the e-commerce business that has been its bright spot over the last several months.
The area stores that will be closing include 913 Old York Road in Jenkintown, 125 W. Dekalb Pike in King of Prussia, and 60 Quarry Road in Downingtown.
“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 CEO Hunt Hawkins. “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.”
Read more about Stein Mart at the Philadelphia Business Journal by clicking here.
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