Stein Mart Files Chapter 11, Closing Portage Store
Another retail chain is filing bankruptcy in the wake of the lasting pandemic. The department store Stein Mart is closing most of its stores, including Portage.
Many men don't enjoy clothes shopping. For those who do, the options have shrunk again as Stein Mart will likely close most, if not all of its 275+ stores nationwide. The off-price retailer specializing in designer and name-brand fashion apparel for men, women and children, home décor, accessories and shoes, is the latest to file for bankruptcy.
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. 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.
-Hunt Hawkins, Stein Mart CEO
WZZM-13 reports, "more then 40 retailers have filed for Chapter 11 this year, including more than two dozen retailers who filed since the pandemic began. Last year, 23 retailers filed for Chapter 11."
The Portage Stein Mart is at 581 Romence Rd, in the Shoppes at Romence Village. There are still a number of businesses in that strip mall, but the area took a hit when D&W closed its store in 2019. Stein Mart has sales going on right now, with 10-30% off kids', men's and women's clothing, shoes, home décor, jewelry, watches, bedding, toys and more. Take a look at these photos taken in the Portage store.
Stein Mart in Portage Closing