Stein Mart announced on Wednesday that it has filed for Chapter 11 bankruptcy amid the coronavirus pandemic and may close all of its locations, including the one store in Chapel Hill.

“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 company CEO Hunt Hawkins. “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.”

In the release, Stein Mart announced that it expects to close a significant portion — if not all — of its physical stores and has launched a store closing and liquidation process. Stein Mart will continue to operate its businesses during this process.

“The Company lacks sufficient liquidity to continue operating in the ordinary course of business,” said Hawkins. “I would like to thank all of our employees for their dedication and support.”

Stein Mart operates 281 stores across 30 states, one of which is located in the Eastgate Crossing plaza in Chapel Hill.

Featured image via Visit Chapel Hill

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