JACKSONVILLE, Fla — Attention Stein Mart shoppers.
The closing of the six Jacksonville-area Stein Mart stores due to the company filing for bankruptcy means liquidation sales offering customers significant discounts to clear the shelves of merchandise.
Sunday a steady stream of bargain hunters shopped at the Jacksonville stores on Roosevelt Boulevard in the Ortega, as well as University Boulevard in the Lakewood neighborhood.
Many came out of the Roosevelt store empty-handed.
Susanne Stormes and several other would-be shoppers said they were surprised that the majority of discounts ranged from just 10 percent to 20 percent on clothing, shoes, household goods and other merchandise
"They say it would be up to 50 percent off but it's still only 10 percent," she said "I didn't see much that was 50 percent off."
She said she's not disappointed, though, "I've already bought most everything I've wanted here."
Stormes speculated that Stein Mart already has sold many items since announcing the liquidation sales and closings on Aug. 12.
"But I noticed today that they've put some new things out. So, they must have gotten some sort of shipment in," she said.
Shoppers had better luck at the Lakewood store. Monica Rivas looked over a rack of Tommy Hilfiger long-sleeve button-down shirts on sale for $26.99 each, which was a 10 percent discount. Her 19-year-old son is job hunting and needs some professional-looking clothes, she said.
"That's a pretty good price, but I might wait to see if the price goes down some more," she said before heading to check out women's dresses for herself.
"I feel bad for the store employees because this is a bad time to be without a job," Rivas said. "I mean there is never a good time, but with the pandemic a lot of people are hurting and can't afford to be unemployed," she said.
Stein Mart, headquartered in Jacksonville, authorized the going-out-of-business sales at all its 279 stores nationwide as part of the Chapter 11 reorganization. All Stein Mart stores are closing, company officials said, but no dates have been announced.
“The combined effects of a challenging retail environment coupled with the impact of the coronavirus pandemic have caused significant financial distress on our business," said Hunt Hawkins, chief executive officer. "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 Jacksonville area, Stein Mart operates stores at 1648 University Blvd. W., 10915 Baymeadows Road, 13475 Atlantic Blvd. 11111 San Jose Blvd., 4399 Roosevelt Blvd. and 3818 S.Third St. in Jacksonville Beach.
Stein Mart's typically offers an extensive inventory including the most recent fashions and styles for men, women and children, kitchen and bath essentials, home decor and other merchandise.
Store fixtures, furniture and equipment also are being sold at discounted prices as part of the sales, a spokesperson said.
Founded in 1908, Stein Mart built a nationwide chain of stores in 30 states. In bankruptcy court filings, the company said that both its assets and liabilities were worth between $500 million and $1 billion. The company said it had 7,950 employees and between 5,000 and 10,000 creditors.
The bankruptcy comes after a string of steps by Stein Mart to try to remain viable.
In January the publicly traded company’s board agreed to be taken over by a private company, but that deal with Kingswood Capital Management was put on ice when the coronavirus pandemic threw the business world into turmoil.
In March the company furloughed most of its store employees and many people in its supply and corporate offices, although by summer it had reopened stores that closed during the pandemic's first weeks.
The company’s stock price has fallen throughout the year, dropping from $0.67 when the year started to $0.29 last Tuesday and to $0.18 Wednesday.
The company said in June it had landed $10 million in aid through the federal Paycheck Protection Program.