Orland Park Stein Mart Will Close

Orland Park IL

14 October, 2020

10:15 AM

Description

ORLAND PARK, IL — Stein Mart, which announced in August it had filed for Chapter 11 bankruptcy protection, is closing all of its stores, including its Orland Park location, 204 Orland Park Place. To clear out merchandise, a going-out-of-business sale is underway at all brick-and-mortar Stein Mart stores. The store is currently offering 50-percent off everything and jewelry is 60 percent off. Store fixtures, furniture and equipment are also for sale. "The combined effects of a challenging retail environment coupled with the impact of the Coronavirus (COVID-19) pandemic have caused significant financial distress on our business," said Hunt Hawkins, Stein Mart chief executive officer. "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. 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." Stein Mart customer gift cards and loyalty rewards points will be accepted "for a limited time," according to the company. There is no mention of a closing date, but the company anticipates all stores will close by the fourth quarter of 2020. Closing dates vary by store. Other Chicago-area Stein Mart stores are located in St. Charles, Kildeer, Algonquin, Willowbrook, Wheaton and Deerfield.