Stein Mart To Close Commack Location After Filing Bankruptcy

Commack NY

14 August, 2020

4:17 PM

Description

COMMACK, NY — Stein Mart is closing its stores, including Long Island's only location in Commack, after filing for bankruptcy, the franchise announced Wednesday. The company expects to shutter a "significant portion, if not all, of its brick-and-mortar stores," according to a news release. There are nearly 300 Stein Marts across the United States. "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," Hunt Hawkins, CEO of Stein Mart, Inc., 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. 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 is a department store that sells clothing, shoes, accessories, household items and home decor. Its Commack location was at 210 E. Jericho Turnpike.