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Stein Mart warned in June that Covid-19 caused financial distress for the company, revealing in a regulatory filing that the company had “substantial doubt” it would continue to operate for the next year.
That’s according to a recent report from S&P Global Market Intelligence, which recorded 44 retail bankruptcies this year. The number of bankruptcies this year eclipses the “full-year total for 2019 and rivaling the 45 filings on record for all of 2011,” the firm said.
CBL said in an August 19 release that it has has approximately $220 million in cash on hand, which is “expected to be sufficient to meet CBL’s operational and restructuring needs.” The company owns 90 malls, predominately in the US southeast and midwest.