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Stein Mart was founded in 1908 by Sam Stein, a Russian Jewish immigrant who opened his first store in Greenville, Mississippi; he had arrived there by steamboat from New York City three years before. [3] The department store carried general merchandise until his son, Jake Stein, took over the company upon his father Sam's death in 1932.
On August 12, 2020, Stein Mart announced it would close most, and possibly all, of its brick-and-mortar stores. [ 18 ] [ 19 ] The Pembroke Mall Stein Mart is on the closure list. [ 20 ] Stein Mart closed the Pembroke Mall location to the public on October 25, 2020.
Stein Mart closed October 26, 2020, following the company's bankruptcy and liquidation. [ 8 ] It was announced in June of 2021 that the former Stein Mart space will be split into two parts, with an Ace Hardware occupying on section, and the other half converted to more specialty store fronts.
The off-price department store said it will likely close all of its 281 brick-and-mortar locations.
On August 12, 2020, Stein Mart filed for Chapter 11 bankruptcy due to the COVID-19 pandemic. Later, it was announced that all Stein Mart locations would be closing permanently. Later, it was announced that all Stein Mart locations would be closing permanently.
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In March 2019, they announced that they were closing their Tanglewood Mall location. The store closed later in April. Michaels bought the A.C.Moore space a few days after A.C. Moore closed. On August 12, 2020, it was announced that Stein Mart would close this location as the chain is closing all locations. [10]
Margins matter. The more Stein Mart (NAS: SMRT) keeps of each buck it earns in revenue, the more money it has to invest in growth, fund new strategic plans, or (gasp!) distribute to shareholders.
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