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Stein Mart files voluntarily bankruptcy petitions
13 Aug '20
1 min read
Pic: Shutterstock
Stein Mart and its subsidiaries recently filed voluntary petitions for relief under Chapter 11 of the US Bankruptcy Code in Florida. The development will authorise the firm to maintain operations in the ordinary course of business, including payment of wages and benefits without interruption, payment of suppliers and vendors and the use of cash collateral.
The company expects to close a significant portion, if not all, of its brick-and-mortar stores and it has launched a store closing and liquidation process. However, it will continue to operate its business in the ordinary course in the near term, the company said in a press release.
The company is evaluating any and all strategic alternatives, including the potential sale of its e-commerce business and related intellectual property.
Stein Mart is a US specialty omni off-price retailer offering designer and name-brand fashion apparel, home décor, accessories and shoes at everyday discount prices.
The company expects to close a significant portion, if not all, of its brick-and-mortar stores and it has launched a store closing and liquidation process. However, it will continue to operate its business in the ordinary course in the near term, the company said in a press release.
The company is evaluating any and all strategic alternatives, including the potential sale of its e-commerce business and related intellectual property.
Stein Mart is a US specialty omni off-price retailer offering designer and name-brand fashion apparel, home décor, accessories and shoes at everyday discount prices.
Fibre2Fashion News Desk (DS)
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