Stein Mart announced Wednesday the company has filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in Florida.

The clothing retailer has filed customary motions with the bankruptcy court that is set to authorize, upon approval, the ability to maintain operations in the ordinary course of business, including, the payment of employee wages and benefits without interruption, payment of suppliers and vendors in the normal course of business, and the use of cash collateral.

Stein Mart has a Santa Clarita Valley location on Pico Canyon Road in Stevenson Ranch.

“The combined effects of a challenging retail environment coupled with the impact of the Coronavirus COVID-19 pandemic have caused significant financial distress on our business. 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. The company lacks sufficient liquidity to continue operating in the ordinary course of business. I would like to thank all of our employees for their dedication and support,” said Hunt Hawkins, chief executive officer of Stein Mart.

See Related: JCPenney Files For Chapter 11 Bankruptcy Amid Coronavirus Sales Downfall

Stein Mart expects to close a significant portion, if not all, of its brick-and-mortar stores, and the company has launched a store closing and liquidation process. The company, however, plans to continue to operate its business in the ordinary course in the near term.

The company is also evaluating any and all strategic alternatives, including the potential sale of its e-commerce business and related intellectual property.

Stein Mart joins other retailers, such as JCPenny, who have filed Chapter 11 bankruptcy amid the COVID-19 pandemic.

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