... and is evaluating the potential sale of its e-commerce business. Get the latest breaking news delivered straight to your inbox.Copyright © 2020 CBS Interactive Inc. All rights reserved. Hawkins said Stein Mart will continue to operate normally "in the near term" and is evaluating the potential sale of its ecommerce arm. Among them were Lord & Taylor; J.

Store fixtures, furniture and equipment are also for sale.

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Stein Mart becomes the latest retailer to seek bankruptcy protection, but one of the few vowing to also largely get out of the brick and mortar business.

Global Business and Financial News, Stock Quotes, and Market Data and Analysis.Simon Property Group continues its shopping spree, looks to do more deals The off-price retailer Stein Mart has filed for Chapter 11 bankruptcy protection and plans to shutter most of its stores. Still, Stein Mart's financial struggles pre-date the health crisis. Stein Mart CEO Hunt Hawkins said the company was ultimately pushed to the brink by the Stein Mart has said it is still evaluating selling its website and intellectual property during its restructuring process.

Stein Mart’s sales stabilized and digital sales grew by 47 percent in the third quarter of 2017. Jacksonville-based retailer Stein Mart has filed for Chapter 11 bankruptcy to remain in business “in the near term” but said Wednesday it will be closing a number of stores. It said customers' gift cards and loyalty rewards points will be accepted "for a limited time." Got a confidential news tip? "We have loved serving our communities over the years and are so grateful to our loyal customers who chose to shop our stores. A Stein Mart store is seen on August 12, 2020 in Miami, Florida.

Bank; Stage Stores; and Ascena Retail Group, which owns Lane Bryant and Ann Taylor. It did announce $23.4 million net loss for the year, but said it shrunk its loss size to about 10 percent. Deals are for up to 30% off merchandise. The company borrowed $10 million in June under the federal Paycheck Protection Program, a federal initiative targeted to small businesses affected the coronavirus. Stein Mart is seen at the Tanglewood Mall in Roanoke, Va., in April 2013. Stein Mart has filed for bankruptcy and now the retailer is kicking off going-out-of-business sales at all of its stores. It began reopening in April, and eventually reopened all of its stores with reduced hours. Stein Mart is the latest retailer to file for bankruptcy under the weight of the coronavirus pandemic, announcing on Wednesday that it plans to close most or all of its 281 stores. Stein Mart is the latest on a long list of retail companies that have filed for bankruptcy in 2020, including Neiman Marcus, J.C. Penney, Pier 1, New York & Co., Brooks Brothers, J. A.
The Jacksonville-based discount department store has struggled with its sales but is seeing some glimmers of hope! Data is a real-time snapshot *Data is delayed at least 15 minutes. 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.

Sales on merchandise will be up to 30% off, the press release said. "Stein Mart temporarily closed its businesses on March 18 during the first wave of the pandemic. 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. Discount retailer Stein Mart has filed for bankruptcy and plans to close most of its nearly 300 stores.

Since then, many of the stores opened in community shopping centers primarily in the Southeast.

"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. One day after Stein Mart filed for bankruptcy, a group of liquidators announced that all 279 of the off-price retailer's stores would close for good.
There is "substantial doubt" about Jacksonville-based Stein Mart's ability to stay in business, the company told the SEC in its annual report filed …

Hawkins said Stein Mart will continue to operate normally "in the near term" and is evaluating the potential sale of its ecommerce arm.