Another South Jersey Retailer Is Set To Close
The coronavirus pandemic continues to take its toll on retailers across the country. According to retaildrive.com, the list of retailers that have filed for bankruptcy in 2020 include:
- Pier 1 Imports
- Modell's Sporting Goods
- True Religion
- J. Crew
- Neiman Marcus
- J.C. Penney
- Tuesday Morning
- Lucky Brand
- G-Star Raw
- Brooks Brothers
- Sur La Table
- Lord & Taylor
Yesterday, the discount department store Stein Mart was added to the list. According to forbes.com, Stein Mart has filed for Chapter 11 bankruptcy protection and will "close most, if not all, locations."
One of those locations is in the Ellisburg Circle Shopping Center at the intersection of Routes 70 & 41 in Cherry Hill, NJ. Other retailers in Ellisburg Circle Shopping Center include Whole Foods Market, Five Below, buybuy BABY, and Dollar Tree.
Forbes.com quoted a spokesperson for Stein Mart who said, "Going-out-of-business sales are expected to begin in our stores on August 14 or 15."
According to fortune.com, Stein Mart was founded in the early 1900's in Greenville, Mississippi. Over the years, the company expanded and fortune.com says that by 2014, Stein Mart had "grown into a publicly traded company with 266 locations in 29 states and $1.3 billion in revenue."
A website called owler.com lists J.C. Penney, Ross, Target, TJ Maxx, and Kohl's as some of Stein Mart's primary competitors.
Stein Mart also has stores in Ocean, Holmdel, Watchung, NJ and Jenkintown, King of Prussia, and Downington, PA.