Stein Mart announces it will close all 279 of its stores just one day after the off-price retailer filed for Chapter 11 bankruptcy

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All of Stein Mart's 279 stores are closing for good, a group of liquidators announced on Thursday.

The off-price retailer filed for Chapter 11 bankruptcy on Wednesday.

"We are encouraging shoppers to take advantage of Stein Mart's abundant assortment of merchandise at substantial price reductions before it's too late," the liquidators said in a joint statement.

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One day after Stein Mart filed for bankruptcy, a group of liquidators announced that all 279 of the off-price retailer's stores would close for good.

Going-out-of-business sales have already begun. See the rest of the story at Business InsiderNOW WATCH: Why thoroughbred horse semen is the world's most expensive liquidSee Also:These 29 retailers, including Lord & Taylor and Men's Wearhouse owner, have filed for bankruptcy or liquidation in 2020Owner of Aeropostale, Forever 21, Juicy Couture set to buy Brooks Brothers for 325 millionStein Mart files for Chapter 11 bankruptcy and says all of its stores could closeSEE ALSO: These 29 retailers have filed for bankruptcy or liquidation in 2020

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