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Jax Daily Record Tuesday, Apr. 13, 202107:43 PM EST

Judge confirms Stein Mart bankruptcy plan

The Jacksonville-based fashion retailer filed Chapter 11 in August.
by: Mark Basch Contributing Writer

U.S. Bankruptcy Judge Jerry Funk issued an order confirming Stein Mart Inc.’s Chapter 11 plan that pays off secured and priority claims in full but only a fraction of unsecured claims.

The April 13 order also cancels Stein Mart’s stock.

Funk had said at an April 8 hearing in U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division, that he would confirm the plan.

Jacksonville-based Stein Mart filed its Chapter 11 petitions Aug. 12 and began winding down operations, closing the last of its 281 stores Oct. 26.

“The Debtors have proposed the Plan in good faith, with the legitimate and honest purpose of maximizing the value of the Debtors’ Estates for the benefit of their stakeholders,” Funk said in his order.

“The Plan is the product of extensive collaboration among the Debtors and key stakeholders and accomplishes this goal,” he said. 

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