Stein Mart Expected To Close All NJ Stores, Including Cherry Hill – Cherry Hill, NJ Patch

CHERRY HILL, NJ Bargain retailer Stein Mart announced its plans to shutter nearly 300 of its locations across the country on Wednesday, including the Cherry Hill store and all other New Jersey locations. The decision comes after the company previously filed for Chapter 11 bankruptcy.

In a statement, the 112-year-old company cited changing consumer spending habits (exacerbated by the global pandemic) and a new economic landscape that fails to provide the business with "sufficient liquidity to continue operating in the ordinary course of business."

The chain stated its intentions to close a "significant portion, if not all" of its nationwide locations. While closing dates will likely vary by store, liquidation sales are set to begin immediately.

The store in Cherry Hill is located in the Ellisburg Shopping Center, 1600 Kings Highway North, Suite 20. It also has stores in Holmdel, Ocean and Watchung.

Stein Mart first opened its doors in 1908 as a department store in Mississippi before expanding to 30 states. The company employs over 8,000 people at nearly 300 locations.

The discount retailer is not the first business to cave under the economic stress of the coronavirus pandemic: JCPenney, Men's Wearhouse, Pier 1 Imports, Sur La Table and Muji have all filed for bankruptcy as of late.

Earlier this year, Victoria's Secret's parent company, L Brands, announced that over 250 stores in North America would close permanently this year, including stores at The Grove in Shrewsbury.Tween retailer Justice's parent brand Ascena Retail Group has also announced plans to shutter hundreds of stores nationwide.

With reporting from Nicole Rosenthal, Patch Staff .

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Stein Mart Expected To Close All NJ Stores, Including Cherry Hill - Cherry Hill, NJ Patch