Tag Archives: Tucson Bankruptcy Help

File now, Pay later bankruptcy option. Cheap bankruptcy lawyers. Evening and Weekend Appointments. Filing Bankruptcy in Tucson and Pima County. Tucson Debt Relief. CALL (520) 307-0020. Hire an experienced attorney, it matters! Chapter 7 and Chapter 13 bankruptcy filings. My AZ Lawyers, PLC. FREE consultations, lowest fees.

Stein Mart declares bankruptcy blog

Stein Mart Files Chapter 11 Bankruptcy

Stein Mart Files Chapter 11 Bankruptcy

Stein Mart declares bankruptcy blogOn August 12, 2020, Stein Mart declared Chapter 11 bankruptcy. The discount retailer  is one of many large companies to seek the protections of Chapter 11 since the onset of the coronavirus pandemic. The company’s future is uncertain and employees are preparing for the end of business. 

What Led to Stein Mart’s Demise

Stein Mart has been in business since 1908. It has since grown to 280 locations across 30 states. The company will continue to operate for the foreseeable future, but will likely hold a going out of business sale starting the weekend after the bankruptcy was filed. Unless the company finds a buyer, CEO Hunt Hawkins predicts that the chain will be fully closed by October. 

Stein Mart was already facing financial struggles before the start of the pandemic. Sales at the beginning of this year were $134 million, compared to $314 million for the same period the year prior. Then on March 18, 2020, Stein Mart closed all of its locations in accordance with COVID-19 social isolation guidelines. While locations have begun to reopen with restrictions, the damage has already been done. The company reported approximately $200 million in debts in May 2020. Stein Mart borrowed $10 million for a payroll protection loan under the Coronavirus Aid, Relief and Economic Security (CARES) Act. 

Stein Mart has approximately 8,000 employees who have been furloughed for the past few months, and will need to start looking for new employment. Thankfully for these Stein Mart employees, the extra $600 weekly federal benefit provided by the CARES Act, which was originally set to expire on July 31, 2020, has been extended at a reduced rate of $400 per week until January 31, 2020. 

Business owners considering Chapter 11 need to remember how expensive and complicated of a process it can be. Stein Mart has hired three separate firms for advice and guidance during the Chapter 11 process. Foley & Larder is Stein Mart’s restructuring counsel, Clear Thinking Group is its restructuring adviser, and PJ Solomon is its investment advisor. The company’s stock fell 35% upon filing. 

Chapter 11 Bankruptcy, Explained

Chapter 11 business bankruptcy blogWhile it appears that Stein Mart will be shutting down for good through its bankruptcy filing, Chapter 11 doesn’t require that of a business that files. A company will typically choose Chapter 11 when it wants to remodel the business, because the other option, Chapter 7, requires the business to close and surrender all assets. Once a company files Chapter 11, its main creditors will form a committee that will have authority over major business decisions. The company will submit a plan to the committee on how it should restructure its debt and emerge from bankruptcy. If the committee doesn’t agree to the plan, they may submit their own. 

Chapter 11 has become even more prevalent in this COVID-19 climate. It is a pandemic like no other in recent memory, Many people throughout Tucson, Arizona, and the United States are dealing with tough economic times. Seek assistance if you are struggling to make ends meet. There are a myriad of Tucson Debt Relief options available.

Other Popular Companies to Declare Bankruptcy During the Coronavirus Pandemic

So far, 2020 has seen a 26% increase in Chapter 11 bankruptcy filings. Some of these include: 

Stop Creditor Harassment

Stop Creditors From Harassing You!

Tucson Bankruptcy Attorneys Stop Creditor Harassment

  • Do you hate answering the phone?
  • Are You Tired of Creditor Harassment?
  • Do you have too many bills?
  • Are you receiving annoying telephone calls from bill collectors at home and at work?
  • Do you have too many bills?
  • Do your credit card balances never seem to get smaller?
  • Do you find that your creditors are not working with you?
  • Are you afraid that your wages will be garnished?
  • Are you being sued because of unpaid bills that you are unable to pay?
  • Are you afraid of losing your home to foreclosure?
  • Are you behind on your car payments? Are you afraid of having your car or vehicle repossessed?
  • Are you so much in debt that your have no reasonable hope of ever catching up with your bills?
  • Are you worrying about your financial future? Are your unpaid debts interfering with your work, your sleep, your marriage or your personal life ?

If you have answered “Yes” to any of the above questions, then the Tucson, Arizona Bankruptcy Center is prepared to help you. Our experienced lawyers can stop creditor harassment immediately.  We can offer you debt relief and a fast solution. Stop living a life of stress and worry about harassment for creditors.

Filing Bankruptcy in Tucson provides assistance to people like you who are being financially and emotionally ruined by overdue bills, harassing debt collectors, and the stress that comes from knowing that you are in over your head. Whether due to job loss, illness, addiction, divorce or maybe even just poor spending habits, filing Bankruptcy can help. Filing bankruptcy can help with debt problems and help people get back on track, successfully obtain mortgages, car loans and even new credit. Our Tucson Bankruptcy Attorneys have handled thousands of bankruptcy matters, including Chapter 7, Chapter 11, and and Chapter 13 Bankruptcy cases.

 

CALL Our Tucson Bankruptcy Attorneys to Stop Creditor Harassment

                CALL Our Tucson Bankruptcy Attorneys to Stop Creditor Harassment

FREE Bankruptcy Consultations as soon as TODAY!

CALL NOW!

(520) 3070020

Additional Blog Postings at:

https://myazcriminaldefense.com/blogs/

https://tucsonduilawyer.co/

https://phoenixdivorceattorneys.co/

https://glendalebankruptcyattorney.co/blog/

https://www.myazpersonalinjury.com/blog/

https://injurylawyersmesa.com/blog/

https://arizonabankruptcyattorneys.co/

https://gilbertbankruptcylawyers.com/blog/

https://hendersonbankruptcyattorneys.com/blog/

https://tucsonbankruptcyattorney.co/blog/

https://azfamilylawlawyer.com/blog/

https://bankruptcy-az.com/

https://avondalebankruptcylawyer.com/

https://mesaduilawyers.co/blogs-helpful-articles/

https://chandlerbankruptcyattorney.co/bankruptcy-blog/

https://mesabankruptcylawyers.co/blog/

https://chapterbankruptcylaw.com/blog/

https://legalhelp-az.com/blog

https://vegaszerodownbankruptcy.com/blog/

https://myazlawyers.com/blog/

https://arizonazerodownbankruptcy.com/blog/

https://lasvegasbankruptcylawyer.co/blog/

https://phoenixbankruptcyattorney.co/blog/