The COVID-19 pandemic and the recent challenges in the retail industry have forced another retailer, Stein Mart, to file for Chapter 11 protection on Wednesday, in Florida bankruptcy court. The discount retailers said that as of May 2, it had nearly $758 million in total assets and about $791 million in debt.
The company is likely to close a significant number, if not all, of its retail stores. In connection with that, they have already launched the store closing and liquidation process.
Stein Mart is also evaluating the option of selling its eCommerce business and related intellectual property (IP). The company will continue ordinary business operations in the short term.