Stein Mart to Close 279 Locations Through Going Out of Business Sales
After Stein Mart’s Chapter 11 filing, Gordon Brothers, Hilco Merchant Resources, Tiger Capital Group, B. Riley Financial’s Great American Group and SB360 Capital Partners have been assigned to manage the going out of business sale process.
CHICAGO, Illinois – August 13, 2020 – On August 12, 2020, Stein Mart filed for Chapter 11 reorganization and authorized going out of business sales by a joint venture comprising Gordon Brothers, Hilco Merchant Resources, Tiger Capital Group, B. Riley Financial’s Great American Group and SB360 Capital Partners. The sale process is underway at all 279 Stein Mart locations across the U.S.
Founded in 1908, Stein Mart offers up-to-the-minute brand name fashion for men and women, unique home décor and gifts, and the season’s trendiest accessories at up to 60% off department store prices, every day.
Stein Mart customers can now take advantage of savings of up to 30% off the lowest ticketed prices storewide. Stein Mart’s extensive inventory includes the latest fashions and styles for the whole family, essentials for the kitchen and bath, home décor, and more. A wide range of dorm room necessities and back-to-learning basics can also be found at greatly reduced prices. These significant discounts are valid throughout the stores and include customers’ favorite brands across all departments.
“New merchandise arriving in stores, as well as customers’ favorite familiar brands, are deeply discounted and will sell out quickly at these low prices,” a spokesperson for the joint venture stated. “We are encouraging shoppers to take advantage of Stein Mart’s abundant assortment of merchandise at substantial price reductions before it’s too late.”
Stein Mart gift cards and loyalty rewards will be accepted for a limited time. Store fixtures, furniture and equipment will also be sold at discounted prices as part of the going out of business sale.
About Stein Mart – Stein Mart, Inc. is a national specialty omni off-price retailer offering designer and name-brand fashion apparel, home décor, accessories and shoes at everyday discount prices. Stein Mart provides real value that customers love every day. The company operates 279 stores across 30 states.
About SB360 Capital Partners LLC – SB360 Capital Partners (www.sb360.com), a Schottenstein Affiliate, helps businesses manage change, restructure assets, and turn around dwindling profitability. SB360 makes equity investments to infuse capital for growth opportunities, fund turnarounds, and provide liquidity to businesses experiencing change. SB360 acquires assets of all types including inventory, fixed assets, intellectual property, real estate, and complete business units. The firm’s asset disposition services range from providing guaranteed asset value recovery to acting as a liquidation consultant. Additionally, SB360 has entities engaged in real estate advisory, commercial real estate investment and the operation of the SBC Logistics Asset Recovery Center in Columbus. A lending affiliate Second Avenue Capital Partners, provides asset-based loans for middle-market companies. The principals of SB360 hold extensive commercial interests in national retail and wholesale operations; internationally recognized consumer brands; commercial, residential, and industrial real estate properties; and financial service operations.
About Gordon Brothers – Since 1903, Gordon Brothers (www.gordonbrothers.com) has helped lenders, operating executives, advisors, and investors move forward through change. The firm brings a powerful combination of expertise and capital to clients, developing customized solutions on an integrated or standalone basis across four service areas: valuations, dispositions, operations, and investments. Whether to fuel growth or facilitate strategic consolidation, Gordon Brothers partners with companies in the retail, commercial, and industrial sectors to put assets to their highest and best use. Gordon Brothers conducts more than $70 billion worth of dispositions and appraisals annually. Gordon Brothers is headquartered in Boston, with 25 offices across five continents.
About Hilco Merchant Resources, LLC – Hilco Merchant Resources (www.hilcomerchantresources.com) provides a wide range of analytical, advisory, asset monetization, and capital investment services to help define and execute a retailer’s strategic initiatives. Hilco Merchant Resources’ activities fall into several principal categories including acquisitions; disposition of underperforming stores; retail company or division wind downs; event sales to convert unwanted assets into working capital; facilitation of mergers and acquisitions; interim company, division or store management teams; loss prevention; and, the monetization of furniture, fixtures and equipment. Additionally, HMR now includes among its subsidiaries the nation’s premier fixture and equipment liquidation firm, Hilco Fixed Asset Recovery (www.hilcoffe.com), and an innovative sale locater website called Shop Genius (www.shopgenius.com). Hilco Merchant Resources is part of Northbrook, Illinois based Hilco Global (www.hilcoglobal.com), one of the world’s leading authorities on maximizing the value of business assets by delivering valuation, monetization and advisory solutions to an international marketplace.
About Tiger Capital Group – Tiger Capital Group provides asset valuation, advisory and disposition services to a broad range of retail, wholesale, and industrial clients. With over 40 years of experience and significant financial backing, Tiger offers a uniquely nimble combination of expertise, innovation and financial resources to drive results. Tiger’s seasoned professionals help clients identify the underlying value of assets, monitor asset risk factors and, when needed, provide capital or convert assets to capital quickly and decisively. Tiger maintains offices in New York, Los Angeles, Boston, Chicago, Houston and Toronto. To learn more about Tiger, please visit www.tigergroup.com.
About B. Riley Financial, Inc. – B. Riley Financial (NASDAQ: RILY) provides collaborative financial services solutions tailored to fit the capital raising, business, operational, and financial advisory needs of its clients and partners. B. Riley operates through several subsidiaries which offer a diverse range of complementary end-to-end capabilities spanning investment banking and institutional brokerage, private wealth and investment management, corporate advisory, restructuring, due diligence, forensic accounting and litigation support, appraisal and valuation, and auction and liquidation services. B. Riley’s Great American Group, LLC subsidiary is a leading provider of asset disposition, auction, advisory and valuation services which efficiently leverages its sector expertise and deploys resources to assist companies, lenders, capital providers, private equity investors, and professional service firms in maximizing the value of their assets. For more information about B. Riley and its affiliated companies, visit www.brileyfin.com.