Stein Mart will close stores in Asheville, Hendersonville as part of insolvency – Citizen Times

18August 2020

As part of a company-wide insolvency case, Stein Mart will close its stores in Asheville and Hendersonville, probably this fall. The Asheville shop, located at 848 Merrimon Ave., has actually been in business there since the early 1990s, while the Hendersonville shop has actually stayed in business just south of downtown for about 15 years.

Liquidation sales are underway at both areas, which will determine when they close.

“All shops will stay open throughout the Chapter 11 (insolvency) process, until such time that product is totally liquidated,” Linda L. Tasseff, director of external interactions and investor relations for the Florida-based company, said by means of e-mail Aug. 18. “We anticipate this process to be finished throughout the fourth quarter, with all stores closing on a staggered basis.”

More: Asheville Aux Bar, Brinehaus food truck to close; Blind Pig Dinner Club remains open The supervisor of the Asheville shop referred media concerns to the corporate workplace however did state their clients have

been understanding and kind after the news broke. In Hendersonville, shop manager David Mead stated, “We do not have a particular closing date, however the liquidation sale is expected to last into October. “”We have been truly busy,”Mead added.”So it could be that it’s not going to take that

Financial distress from the COVID-19 pandemic and a harsh retail environment have doomed a Stein Mart store in Cherry Hill's Ellisburg Shopping Center.

long.”Stein Mart, which offers clothes and family items at discounted costs, has 281 shops in 30 states. Presently, product is listed at 10-30 % off. More: 828 Household Pizzeria closes one area; Broth Lab, Block Off Biltmore closed for excellent

In a declaration issued Aug. 13, Stein Mart CEO Hunt Hawkins stated the choice to apply for bankruptcy and close shops was “extremely tough.”

“In collaboration with our monetary and legal consultants, we participated in a thorough analysis of all offered options prior to choosing this course of action,” Hawkins said. “Ultimately, due to the mix of a challenging retail environment and the effect of COVID-19, we and our consultants determined that we will wind down business.”

“Please know that this was an exceptionally hard choice, and is deeply frustrating for everyone at Stein Mart,” Hawkins continued. “We have actually liked serving our communities for many years and are so grateful to our faithful consumers who selected to shop our stores.”

More: Asheville’s Enjoyable Depot, the most recent victim of COVID-19 economy,

set to close Many retail stores and restaurants have actually revealed closures and layoffs given that the pandemic struck previously this year, as lockdowns and restrictions harmed sales.

Tasseff stated Stein Mart shops usually use 35 employees.

In Hendersonville, Mead said his shop had 20 employees before the COVID-19 pandemic, a number lowered to 15 in recent weeks. That Stein Mart has remained in its current area for about five years, after moving from another spot in the exact same strip shopping center.

Company-wide, Stein Mart has 9,000 staff members, USA Today reported.Source: citizen-times. com

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