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Wednesday, May 25, 2022

Stein Mart Hires Great American Group for Liquidation

Great American Group in Woodland Hills is one of five liquidation companies managing the going-out-of-business sales for discount department store chain Stein Mart. Stein Mart, headquartered in Jacksonville, Fla., filed for Chapter 11 reorganization Aug. 13 and announced the impending closure of its 279 stores around the country. It employs more than 8,000 people. Locally, Stein Mart has locations in the Granada Village strip mall in Granada Hills and at Stevenson Ranch Plaza West in Santa Clarita. Chief Executive Hunt Hawkins said in a statement that revenue interruptions caused by the coronavirus contributed to the shutterings. “The combined effects of a challenging retail environment coupled with the impact of the coronavirus (COVID-19) pandemic have caused significant financial distress on our business,” he said. “The company lacks sufficient liquidity to continue operating in the ordinary course of business.” According to a statement from Stein Mart, merchandise will be discounted up to 30 percent off lowest ticket prices. The closures mark the end of 112 years of business for Stein Mart, which was founded in 1908. Great American Group is a subsidiary of B. Riley Financial Inc. in Los Angeles. Other liquidators involved in the sell-off include Gordon Bros. in Boston, Hilco Merchant Resources in Chicago, Tiger Capital Group in New York and SB360 Capital Partners in Boston. They will handle the sale of merchandise, furniture, equipment and store fixtures. Stein Mart joins dozens of retailers forced into Chapter 11 by the coronavirus, including J. Crew, J.C. Penney, Neiman Marcus, Men’s Wearhouse, Jos. A. Bank and Ascena Retail Group, which owns the Lane Bryant and Ann Taylor banners.

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