Stein Mart bankruptcy will close four stores in Richmond area

The Stein Mart location at 3544 Pump Road. (Photos by Michael Schwartz)

National home goods retailer Stein Mart’s move to shutter all of its stores as part of its bankruptcy proceedings will add another 151,000 square feet of empty retail space to the Richmond market.

The discount department store chain is among the latest large retailers to declare bankruptcy and announce store closing plans due to economic disruptions caused by the coronavirus pandemic.

Stein Mart’s mass closure includes its four stores in the Richmond area, though they will stay open until merchandise is liquidated. Store closings are expected to take place in phases during the fourth quarter of 2020, a company spokeswoman said in an email Thursday.

Its local footprint consists of:

• 40,000 square feet at 7801 W. Broad St. in Olde Towne Shopping Center. The Henrico County center also includes a Buffalo Wild Wings.

The location at Olde Town Shopping Center.

• 36,240 square feet at 9746 Midlothian Turnpike in Stein Mart Festival. The Bon Air shopping center includes a Marshalls and an Olive Garden.

• 40,380 square feet at 3544 Pump Road in Short Pump Crossing Shopping Center. Other tenants at the Short Pump center include Publix.

• 34,000 square feet at 4740 Commonwealth Centre Parkway in Commonwealth Center. Other tenants at the Brandermill shopping center include Old Navy and Fresh Market.

Based in Jacksonville, Florida, Stein Mart has 281 stores in 30 states. The company reported a net loss of $65.7 million in the first quarter of 2020. During the same period last year, the company posted a net income of $4 million. Net sales in the first quarter 2020 were $134.3 million, down from $314.2 million the same time last year.

After temporarily closing its stores due to the pandemic in March, the company had reopened all its stores by June 15. It announced its bankruptcy filing Wednesday.

Other retailers’ bankruptcies have claimed local outposts of Tuesday Morning, New York and Co. and Sur La Table.

Retailers Lord & Taylor and the parent company of Ann Taylor, while not based here, have filed for bankruptcy in federal court in Richmond, bringing plenty of business for local attorneys.

And while not in bankruptcy, department store giant Nordstrom announced earlier this summer the pending closure of its 120,000-square-foot Short Pump Town Center location.

Subscribe
Notify of
guest
2 Comments
oldest
newest most voted
Inline Feedbacks
View all comments
Deon Hamner
Deon Hamner
1 month ago

My heart goes out to those families affected. This year will never be forgotten

Carl Schwendeman
Carl Schwendeman
1 month ago

If Bed Bath and Beyond and Stine Mart closed down during the vruis and Walmart and the other big stories stayed open. Then technically the virus gave Walmart and Amazon a big lead over these companies.

On a more twisted note the virus could have been the best thing to ever happen to Walmart in terms of it grabbing market share by closing down all the little guys for weeks on end but they were able to stay open 24 on line.