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Stein Mart files for Chapter 11 bankruptcy

Company plans to close most of its 300 stores

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Stein Mart has filed for Chapter 11 bankruptcy after taking a big hit in the wake of the coronavirus pandemic.

The 112-year-old discount retailer plans to close most of its nearly 300 stores.

In a Wednesday release, CEO Hunt Hawkins said the pandemic and changing consumer habits have caused the company "significant financial distress."

Stein Mart is among many retailers impacted when the pandemic forced temporary store closures in many states.

The chain is also looking at strategic alternatives, including the sale of its website and intellectual property.