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.
• 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.
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.