Stein Mart files for bankruptcy; to close nearly 300 stores

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Stein Mart store front (Photo: Mike Kalasnik / CC BY-SA 2.0)

ST. PETERSBURG, FL (AP) — National discount department store chain Stein Mart is filing for bankruptcy and will close most, if not all, of its stores.

The 112-year-old Florida-based company said in a news release that it filed for Chapter 11 protection on Wednesday.

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It said the downturn in the economy as a result of the coronavirus pandemic was too difficult to overcome.

Stein Mart has more than 280 stores in 30 states specializing in clothing, shoes and housewares at discount prices.

Many are in community shopping centers.

As of May 30, the company employed about 8,400 people. Stein Mart first started doing business in Mississippi in 1908.