Stein Mart announced today they will be filing for bankruptcy and closing a large number of locations, possibly all of them.

According to CEO Hunt Hawkins, the hit to the economy because of the coronavirus pandemic is one of the main reasons for the decision.

WBRZ reports Hawkins said in the press release "The company has determined that the best strategy to maximize value will be a liquidation of its assets pursuant to an organized going out of business sale” 

Stein Mart currently has 281 stores across the U.S.

For more on this story head over to WBRZ.com.