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Author Topic: Stein Mart declares Ch. 11 bankruptcy, may close its stores  (Read 302 times)

kevinb1994

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Scott5114

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Re: Stein Mart declares Ch. 11 bankruptcy, may close its stores
« Reply #1 on: August 12, 2020, 01:30:42 PM »

What a pleasant surprise.
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sparker

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Re: Stein Mart declares Ch. 11 bankruptcy, may close its stores
« Reply #2 on: August 12, 2020, 05:52:07 PM »

My GF saw this on Bing News this morning; her reaction was -- not much of a surprise; Marshall's and TJ Maxx have done a much better job at doing much the same thing.  No real presence up here in the Bay Area; the only one we ever even entered was back around 2001 when we were still living in Southern California; there was one in La Verne close to my office in San Dimas, and she was curious about the place.  That lasted all of about 15 minutes; she opined "nothing to see here" and we left.  Frankly, what is surprising is that this didn't happen a decade ago.  It appears that COVID is functioning as the "last straw" for many marginal businesses. 
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kevinb1994

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Re: Stein Mart declares Ch. 11 bankruptcy, may close its stores
« Reply #3 on: August 12, 2020, 06:46:45 PM »

My GF saw this on Bing News this morning; her reaction was -- not much of a surprise; Marshall's and TJ Maxx have done a much better job at doing much the same thing.  No real presence up here in the Bay Area; the only one we ever even entered was back around 2001 when we were still living in Southern California; there was one in La Verne close to my office in San Dimas, and she was curious about the place.  That lasted all of about 15 minutes; she opined "nothing to see here" and we left.  Frankly, what is surprising is that this didn't happen a decade ago.  It appears that COVID is functioning as the "last straw" for many marginal businesses.
Pretty much what had happened when I was still in the Mid-Atlantic/Northeast; I had not heard of them until visiting DC, and sometime later they had a nearby location that eventually closed (I donít think the DC location still exists in the Friendship Heights area close to American U).

Speaking of which, hereís an update on the situation:

https://www.jaxdailyrecord.com/article/shoppers-surprised-by-news-of-stein-marts-bankruptcy

And another one:

https://www.jaxdailyrecord.com/article/stein-mart-lead-independent-director-chapter-11-bankruptcy-was-an-extremely-difficult-decision
« Last Edit: August 12, 2020, 06:49:55 PM by kevinb1994 »
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ftballfan

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Re: Stein Mart declares Ch. 11 bankruptcy, may close its stores
« Reply #4 on: August 13, 2020, 09:54:25 AM »

Key words from the first article:
Quote from: Jacksonville Daily Record
Stein Mart had been struggling before the COVID-19 pandemic, reporting a net loss of $10.5 million for fiscal 2019.
The same can probably be said for many if not most businesses that have closed and/or filed for bankruptcy since March 2020.
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stridentweasel

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Re: Stein Mart declares Ch. 11 bankruptcy, may close its stores
« Reply #5 on: August 13, 2020, 02:02:22 PM »

I kind of worry we're heading in a direction where the only department stores left will be Nordstrom, Bloomingdale's, Target, and Walmart.  Everything in the mid-range category seems to be going bye-bye.

What's also bad is I can see this happening to hotels and restaurants.  You either gotta pay big bucks for your Cheesecake Factory and Outback Steakhouse on one end, or settle for McDonald's or Taco Bell on the other end.  And with hotels, Holiday Inn went from mid-scale to upscale a long time ago, while Howard Johnson has been struggling to even have a market share.  So, it would either be $100-plus a night for Hilton/Marriott/IHG/Hyatt, or $50 to $75 or so for Travelodge, Rodeway Inn, and Motel 6.

For the record, I actually like Taco Bell and Motel 6, and I'm not above shopping at Target and Walmart.  But I don't like the disappearance of the middle ground.
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kevinb1994

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Rothman

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Re: Stein Mart declares Ch. 11 bankruptcy, may close its stores
« Reply #7 on: August 13, 2020, 11:20:00 PM »

I kind of worry we're heading in a direction where the only department stores left will be Nordstrom, Bloomingdale's, Target, and Walmart.  Everything in the mid-range category seems to be going bye-bye.

What's also bad is I can see this happening to hotels and restaurants.  You either gotta pay big bucks for your Cheesecake Factory and Outback Steakhouse on one end, or settle for McDonald's or Taco Bell on the other end.  And with hotels, Holiday Inn went from mid-scale to upscale a long time ago, while Howard Johnson has been struggling to even have a market share.  So, it would either be $100-plus a night for Hilton/Marriott/IHG/Hyatt, or $50 to $75 or so for Travelodge, Rodeway Inn, and Motel 6.

For the record, I actually like Taco Bell and Motel 6, and I'm not above shopping at Target and Walmart.  But I don't like the disappearance of the middle ground.
...or stay away from chains.
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Takumi

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Re: Stein Mart declares Ch. 11 bankruptcy, may close its stores
« Reply #8 on: August 13, 2020, 11:54:10 PM »

I kind of worry we're heading in a direction where the only department stores left will be Nordstrom, Bloomingdale's, Target, and Walmart.  Everything in the mid-range category seems to be going bye-bye.

What's also bad is I can see this happening to hotels and restaurants.  You either gotta pay big bucks for your Cheesecake Factory and Outback Steakhouse on one end, or settle for McDonald's or Taco Bell on the other end.  And with hotels, Holiday Inn went from mid-scale to upscale a long time ago, while Howard Johnson has been struggling to even have a market share.  So, it would either be $100-plus a night for Hilton/Marriott/IHG/Hyatt, or $50 to $75 or so for Travelodge, Rodeway Inn, and Motel 6.

For the record, I actually like Taco Bell and Motel 6, and I'm not above shopping at Target and Walmart.  But I don't like the disappearance of the middle ground.
...or stay away from chains.
Easier to do with some types of businesses than others. Non-chain hotels typically have the negative connotation of being the absolute worst of the worst. (Imagine losing a Knights Inn franchise!)
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hbelkins

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Re: Stein Mart declares Ch. 11 bankruptcy, may close its stores
« Reply #9 on: August 14, 2020, 08:04:08 PM »

Easier to do with some types of businesses than others. Non-chain hotels typically have the negative connotation of being the absolute worst of the worst. (Imagine losing a Knights Inn franchise!)

TripAdvisor is your friend in that regard. I've seen many places where independent facilities get higher ratings (often at lower prices) than do economy and mid-range chains.
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