Stein Mart files for bankruptcy, closes Cleveland stores

Battered by the coronavirus, Stein Mart Inc., which operates four stores in the Cleveland area, has filed for Chapter 11 bankruptcy and is in the process of closing most or all of its brick-and-mortar stores. The company, based in Jacksonville, Florida, said it is evaluating strategic alternatives, including selling its e-commerce business, which has been a bright spot in recent months,. “The combined effects of a challenging retail environment coupled with the impact of the Coronavirus (Covid-19)…