This discount department store is likely closing its locations in Fresno, Clovis
Longtime discount department store Stein Mart has filed for bankruptcy and plans to close “a significant portion, if not all” of its stores.
The retailer, which sells clothing, shoes and housewares, has stores in Fresno and Clovis.
The Fresno store at the northwest corner of Shaw and Marks avenues opened 20 years ago in the Winepress shopping center.
The Clovis Stein Mart opened in 2014 at the Clovis Crossing Regional Shopping Center at Herndon and Clovis avenues.
Like many retailers, Stein Mart was already struggling before the coronavirus pandemic hit.
The company had a 57% drop in sales in its most recent quarter ending May 2, reporting a loss of more than $60 million.
Stein Mart said in a statement Wednesday that the best way to maximize its value was to go straight to going-out-of-business sales.
Although the store is beloved by its loyal shoppers, it was not performing as well as other discounters before the pandemic, said Neil Saunders, managing director of market research company GlobalData Retail.
“It lacks the scale of Ross, the buying savvy of TJMaxx, and the fashionability of Nordstrom Rack,” he said in a statement.
Many Stein Mart stores are also in locations that are “less optimal” than their competitors, Saunders noted.
Although the Clovis Stein Mart is in a thriving shopping center, the Fresno store is in the back of a shopping center than has lost big names like Vons and a Family Christian Stores location.
Stein Mart is not alone in its struggles.
A challenging retail landscape coupled with the COVID-19 pandemic has led to other store closures in the Fresno area. Those closures include Sur La Table, Pier 1, Tuesday Morning, Justice, and the northwest location of Kirkland’s, a home decor store.
This story was originally published August 12, 2020 at 10:19 AM.
