According to CNN, Stein Mart has filed for Chapter 11 in US bankruptcy court. This is so disappointing! If you’re not familiar, Stein Mart is an off-price retailer and they offer designer apparel, shoes, home decor and accessories. The company is evaluating alternatives such as selling its website and intellectual property. Stein Mart said it doesn’t have “sufficient liquidity to continue operating in the ordinary course of business”. They are closing a “significant portion, if not all” of their brick-and-mortar stores with liquidation sales beginning immediately. Stein Mart has been in North Wilmington since 2016. CEO Hunt Hawkins said that the COVID-19 pandemic and changing consumer habits “caused significant financial distress on out business”. Stein Mart is not alone. Many other retailers including JCPenny, Tuesday Morning, and Sur La Table have all filed for bankruptcy in recent months.