By guest author Lauren Thomas from CNBC
- Stein Mart’s liquidators — a team of Gordon Brothers, Hilco Merchant Resources, Tiger Capital Group, B. Riley Financial’s Great American Group and SB360 Capital Partners — announced the retailer is kicking off going-out-of-business sales at all of its 279 locations.
- It said deals will be up to 30 % off merchandise.
The off-price chain Stein Mart, which announced Wednesday, August 12, 2020 it had filed for Chapter 11 bankruptcy protection, will officially be closing all of its stores for good.
The company’s liquidators — a team of Gordon Brothers, Hilco Merchant Resources, Tiger Capital Group, B. Riley Financial’s Great American Group and SB360 Capital Partners — announced Thursday morning that Stein Mart is kicking off going-out-of-business sales at all of its 279 locations. Sales on merchandise will be up to 30 % off, the press release said.
It said customers’ gift cards and loyalty rewards points will be accepted “for a limited time.” Store fixtures, furniture and equipment are also for sale.
Stein Mart CEO Hunt Hawkins said the company was ultimately pushed to the brink by the coronavirus pandemic as its liquidity dried up and sales tumbled.
It joins a growing list of retailers, including Neiman Marcus, J.C. Penney, Brooks Brothers and Sur la Table, that have filed for bankruptcy during the Covid-19 crisis. Permanent store closures announced by retailers in 2020 have also topped 6000, according to a tracking by Coresight Research.
Stein Mart has said it is still evaluating selling its website and intellectual property during its restructuring process.