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The company first opened its doors in Mississippi in 1908. The company first … Hawkins said Stein Mart will continue to operate normally "in the near term" and is evaluating the potential sale of its ecommerce arm. Since then, many of the stores opened in community shopping centers primarily in the Southeast.
COVID-19 makes the job too riskyISIS accused of selling fake PPE online to finance terrorismBiden and Harris call for three-month nationwide mask mandateTrump campaign adviser floats false theory about Harris' eligibilityLake Fire in California continues to rage, growing to 10,500 acresNovak Djokovic to play in US Open, Bianca Andreescu opts outFortnite maker sues Apple after being booted from App storeBattleground Tracker: Latest polls, state of the race and more5 things to know about CBS News' 2020 Battleground TrackerBiden has edge in North Carolina, race is tight in Georgia — CBS News pollWhy some mail-in ballots are rejected and how to make sure your vote countsWhat happens if the president doesn't accept the election results?Election Day could turn into "Election Week" with rise in mail ballotsGOP confident in Ohio, but Dems think it's within reach A. National discount department store chain Stein Mart is "The combined effects of a challenging retail environment coupled with the impact of the Headquartered in Jacksonville, Florida, Stein Mart has more than 280 stores in 30 states specializing in clothing, shoes and housewares. The company had almost $200 million in total debt as of May 2, court documents show.The company has nearly 8,000 workers, but many were furloughed after the virus temporarily shuttered its stores, Hawkins said in court About two dozen retailers, big and small, have filed for Chapter 11 protection this year, far exceeding the number for all of last year. Crew; J.C. Penney; Neiman Marcus; Men's Wearhouse; Jos. Be in the know. Bank; Stage Stores; and Ascena Retail Group, which owns Lane Bryant and Ann Taylor. Still, Stein Mart's financial struggles pre-date the health crisis. Among them were Lord & Taylor; J. "Stein Mart temporarily closed its businesses on March 18 during the first wave of the pandemic.
The company borrowed $10 million in June under the federal Paycheck Protection Program, a federal initiative targeted to small businesses affected the coronavirus. "Please know that this was an extremely difficult decision, and is deeply disappointing for all of us at Stein Mart," Hawkins said in a statement. "We have loved serving our communities over the years and are so grateful to our loyal customers who chose to shop our stores. Headquartered in Jacksonville, Florida, Stein Mart has more than 280 stores in 30 states specializing in clothing, shoes and housewares. Stores are likely to close by October, though exact closing dates will according to the location. A going-out-of-business sale will begin Friday or Saturday, according to spokeswoman Linda Tasseff. It began reopening in April, and eventually reopened all of its stores with reduced hours. In the first quarter its sales fell to $134 million, down sharply from $314 million in the year-ago period. More than 1,500 students and staff quarantined as schools reopenTrump says he opposes more funds for Postal Service over mail-in votingEMS workers are quitting. Get the latest breaking news delivered straight to your inbox.Copyright © 2020 CBS Interactive Inc. All rights reserved.
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