by Publisher CoachellaValley | August 31, 2020 5:19 pm
COACHELLA VALLEY, CA — Stein Mart, announced early this month it had filed for Chapter 11 bankruptcy protection, is closing all of its stores, including its locations in La Quinta, Palm Springs and Rancho Mirage.
To clear out merchandise, a going-out-of-business sale is underway at all Coachella Valley brick-and-mortar Stein Mart stores.
Gift cards and loyalty reward points will still be honored but “only for a limited time.”
The company is currently offering up to 40-percent off merchandise. Store fixtures, furniture and equipment are also for sale.
The discount retailer Stein Mart has announced that it will be closing all 281 stores nationwide, just days after declaring Chapter 11 bankruptcy. Those closures include three Stein Mart locations locally in Palm Springs, Rancho Mirage, and La Quinta.
The off-price chain Stein Mart, which announced it had filed for Chapter 11 bankruptcy protection, will officially be closing all of its stores for good. … Stein Mart CEO Hunt Hawkins said the company was ultimately pushed to the brink by the coronavirus pandemic as its liquidity dried up and sales tumbled.
The three stores in the Coachella Valley join 22 other Stein Mart locations in California and 281 Nationwide in shutting down.
It joins a growing list of retailers, including Neiman Marcus, J.C. Penney, Brooks Brothers and Sur la Table, that have filed for bankruptcy during the Covid-19 crisis. Permanent store closures announced by retailers in 2020 have also topped 6,000, according to a tracking by Coresight Research.
Stein Mart has said it is still evaluating selling its website and intellectual property during its restructuring process.
Stein Mart was founded in 1908 in Greenville, Mississippi by Sam Stein. The chain grew through the south, and in the 1990s began expanding, eventually opening locations in 30 states.
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