Discount department store chain Stein Mart is closing all of its stores, including five in Colorado.
The home goods retailer filed for bankruptcy last Wednesday. Merchandise has been further discounted at the stores, which are expected to close in phases during the fourth quarter, a company spokeswoman told BusinessDen’s sister site in Virginia.
Stein Mart has 279 locations across 30 states, according to a news release. Here’s the chain’s footprint in Colorado:
• Denver: 2490 S. Colorado Blvd. in the University Hills Plaza shopping center, which will become a 40,000-square-foot Target store.
• Aurora: 30,824 square feet at 6514 S. Parker Road in the Arapahoe Crossings shopping center.
• Centennial: 8181 S. Quebec St. in the Quebec Village shopping center. The store’s square footage was not immediately available.
• Thornton: 32,000 square feet at 14200 Lincoln St. in The Grove shopping center.
• Colorado Springs: 32,000 square feet at 5326 N. Nevada Ave. in the University Village Colorado shopping center.
The Denver location was already slated to be turned into a Target, according to Greeley-based Roche Constructors, which is involved in the project.
Target will open a 40,000-square-foot store in the University Hills Plaza, spokeswoman Jill Lewis told BusinessDen in an email Friday. She did not specify an opening date.
Jacksonville, Florida-based Stein Mart, after temporarily closing its stores due to the pandemic in March, had reopened all of them by June 15.
Stein Mart 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 of 2020 were $134.3 million, down from $314.2 million during the same period last year.
The company joins a growing list of struggling retailers, including Brooks Brothers, J.C. Penney, Neiman Marcus and Sur la Table, that have filed for bankruptcy as a result of the pandemic.