Thread regarding Stein Mart Inc. layoffs

Stein Mart files for bankruptcy, may close all 281 stores

Discount department store Stein Mart revealed Wednesday that it filed for Chapter 11 bankruptcy, saying it plans to close a "significant portion, if not all" of its 281 stores nationwide.

Both the changing retail landscape and coronavirus pandemic contributed to the decision to liquidate, Stein Mart CEO and CFO Hunt Hawkins said in a statement.

"The Company has determined that the best strategy to maximize value will be a liquidation of its assets pursuant to an organized going out of business sale," Hawkins said. "The Company lacks sufficient liquidity to continue operating in the ordinary course of business. I would like to thank all of our employees for their dedication and support.”

With the expected closures in view, Stein Mart said it will continue operating in the near term. Stein Mart may sell its ecommerce business.

https://www.foxbusiness.com/money/stein-mart-bankruptcy-filing-stores-closing

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Post ID: @OP+16qPApSd

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What a bunch of really c-appy people that ran the company. All the distribution people were laid off with virtually NO NOTICE and NO SEVERANCE pay. Well they paid out any vacation owed, which was not much considering everyone had just come back off of furlough. The point being is that Stein Mart management did not value their associates whatsoever and threw everyone of us to the curb with this bankruptcy. We gave them years of dedication and our livelihoods meant nothing to them... Hey Jay Stein, How's that 31 million dollar home you bought last year doing? Karma buddy. Hunt Hawkins, you s— dude... How much did you get? You know what I got? I got an eviction notice cuz I can't pay my rent...

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Post ID: @brsd+16qPApSd

Good riddance!!! One of the most unethical ( google Ivanka Trump/SteinMart/ Adrienne Vittadini, for more info on this), and racist companies I have ever worked for. Out of the eight stores in my area there was only one person of color who was a department manager. EVERYONE else was white. People of color were not even interviewed. While I am sad to see the state of retailing today it is great to this this stores downfall.

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Post ID: @5afq+16qPApSd

Not a surprise, Stein Mart stores always seemed like they were struggling, even way before covid19

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Post ID: @ndn+16qPApSd

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