This Beloved Discount Store Is Closing All of Its Locations
This store, established in 1908, is the pandemic's most recent retail victim.
The wreckage of 2020 continues to claim our favorite stores. The most recent retail chain in the COVID pandemic's line of fire is the beloved discount department store Stein Mart. The store, which has 280 locations across 30 states, has filed for Chapter 11 bankruptcy and will be closing its doors, according to a statement.
The 112-year-old company first announced they would be shutting down stores on Aug. 13 and kicked off the closures with a going-out-of-business sale. On Sept. 14, the company began marketing the leases for the stores, distribution centers, and offices.
"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 CEO Hunt Hawkins said in a statement. "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."
Stein Mart joins a growing list of retailers that we've said goodbye to during the COVID pandemic. Here are six more stores that had to close their doors. And for more department stores that are no longer with us, check out these 17 Once-Beloved Department Stores That Are Now Defunct.
The beloved New York-based department store announced in a Sept. 10 statement that they would be closing their 13 locations and having a going-out-of-business sale. And for more sales to be aware of, There's a Secret Store on Amazon With Tons of Popular Items on Sale.
Lord & Taylor
On Aug. 27, the popular department store Lord & Taylor announced they were going out of business and filing for Chapter 11 bankruptcy.
Pier 1 Imports
This home goods store was one of the earlier stores to feel the effects of the COVID pandemic. Pier 1 Imports filed for bankruptcy on May 19 and subsequently closed all of their stores.
In early May, Neiman Marcus announced they filed for Chapter 11 bankruptcy, according to NPR. However, Business Insider reports the chain has only closed 22 stores, leaving some locations still up and running. And if you're looking to be a savvy shopper, discover The Secret Trick to Get Money From Amazon You Need to Know.
Forever 21 found itself in a tight spot even before COVID hit. The chain filed for bankruptcy in Sept. 2019 and has since closed hundreds of locations, according to Business Insider. And for money-saving advice you can use, check out The Incredible Walmart Price Tag Secret You'll Kick Yourself for Not Knowing.
This classic department store announced 19 of their 116 stores would be closing, but they will be keeping their Nordstrom Rack locations intact, per Business Insider. And for more up-to-date news, sign up for our daily newsletter.