In recent time the Stein Mart has been a professional Icon in the United States where hundreds of employees are working. But, the latest news arrives at the public stating the company has filed the cases declaring the bankruptcy. Stein Market is widely spread eCommerce company spread all over the country. They have 280 stores over 3o states in the United States. In previous years they had announced they were looking for opportunities in overseas countries as well. Headquartered in Jacksonville, Florida, Stein Mart has been an iconic eCommerce company until they declared their bankruptcy. The financial news sources are stating that they will be in the business until the end of 2020, and then after the company will no longer provide the services for their customers. “This is neither what we wanted nor what we were hoping for. This will be the hardest time personally I had in my life” was the conclusion from Hawkins.
The news was officially announced by Stein Mart stating that they had filed Chapter 11 bankruptcy and laying off over 200 employees. Although the entire has not been finalized, the company has said the number either will be increased, or the entire list will be filled with the total number of employees who are employed. Although it is not about one particular factor that the company has been pulled to take the decision, it is a combination of all the elements according to the view of Hunt Hawkins, Stein Mart Inc.‘s chief executive officer. There have been several impacts from the COVID 19 Pandemic, and its stress to the company’s path has been the final impact for the bankruptcy. Hawkins has expressed his gratitude to all the employees who have dedicated their service in numerous ways. However, he has confirmed that the company is not having enough liquidity to run the company along the usual path. Even if it is a comeback, the company won’t run in its best capacity.