Deanna and Justin In The Morning

5:30am - 10:00am

MIAMI, FLORIDA - AUGUST 12: A Stein Mart is seen above the entrance to a store on August 12, 2020 in Miami, Florida. Stein Mart announced that it has filed for Chapter 11 bankruptcy protection and plans to permanently close most, if not all, of its stores, partially blaming the change in shopping habits during the coronavirus pandemic for the bankruptcy. (Photo by Joe Raedle/Getty Images)

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.