Stein Mart details plan to go out of business
112-year-old company cites ‘challenging retail’ industry, COVID-19.
The 112-year-old company says it will shut down its Kettering store permanently when that location has no more inventory.
Stein Mart will shut down its Kettering store permanently when that location has no more inventory, according to the company.
The Town & Country Shopping Center site on East Stroop Road - along with its nearly 300 other Stein Mart stores - will be shuttered “when they run out of stock….as they deplete their inventory, they will be closing,” a Stein Mart corporate spokesman told the Dayton Daily News.
He declined to comment further. The 112-year-old company has announced it is going out of business by the end of the year after filing for bankruptcy Aug. 12.
The management of the Town & Country store referred all questions to its corporate office.
“We engaged in a thorough analysis of all available alternatives before deciding on this course of action,” Stein Mart stated on its website.
“Ultimately, due to the combination of a challenging retail environment and the impact of COVID-19, we and our advisors determined that we will wind down the business,” the company stated.
Stein Mart’s corporate website homepage indicates sales of up to 40% off. Earlier this week it stated mark downs of up to 30%.
The retailer has been located at Town & Country since 1992, according to Casto, the company
that co-owns and manages Town & Country.
Stein Mart has featured fashion apparel and accessories from brands such as Anne Klein, Lucky Brand, Nine West, Alan Flusser and Chaps.
The discount department-store chain also offers home décor, bedding and furniture.
A former Stein Mart location in Centerville, which opened in 2003, closed in 2012. The company’s other 10 Ohio stores include three sites in the Cincinnati area and two in the Columbus area, according to its website.
Stein Mart began in 1908 as a small department store in Mississippi before eventually expanding to nearly 300 locations across 30 states. Each store has around 30 employees, and the company currently employs more than 8,000 people.