Off-price retailer Stein Mart Inc. announced it filed for bankruptcy on Tuesday amid mounting off-price pressure, a retail category that had been growing before COVID-19.
To be sure, Stein Mart
, like many other retailers that have filed chapter 11, faced challenges even before the coronavirus pandemic. Fiscal 2019 losses totaled 22 cents per share after a loss of 13 cents per share the year prior.
In the most recent quarter, with the coronavirus pandemic raging, losses reached $1.38 per share on revenue of $138.2 million, down from $319.4 million the year before.
Neil Saunders, managing director at GlobalData Retail, notes the…