Stein Mart files for Chapter 11 bankruptcy and says all 281 of its stores could close

Ron L. / Yelp

• Stein Mart filed for Chapter 11 bankruptcy Wednesday, and is also exploring a sale of its e-commerce business. 
• The company was struggling to revive sales even before the coronavirus pandemic hit. 
• "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," CEO and CFO Hunt Hawkins said in a statement.
• Visit Business Insider's homepage for more stories.

Off-price retailer Stein Mart filed for Chapter 11 bankruptcy Wednesday and said it would close "a significant portion, if not all" of its stores.

The company is also exploring a sale of its e-commerce business. 

See the rest of the story at Business Insider

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