Jacksonville-based discount retailer Stein Mart filed bankruptcy about 10 days ago. The company is another victim of COVID-19 and the widespread economic slowdown that the virus has caused. Millions of Americans are still unemployed or earning reduced wages. That means that they are not shopping as much as they were before the pandemic–in person or online.
People often wonder what happens when a store files bankruptcy and shuts down its retail outlets. Store closings and corporate bankruptcy filings affect many kinds of people in the local community: employees and customers and landlords.
Stein Mart started by laying off 100s of employees in its corporate headquarters on the Southbank of the St. Johns River in Jacksonville. It also furloughed over 8,00 employees in its retail stores and in its supply chain. These former employees can file for unemployment benefits as soon as they are laid off.