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Hurting long before COVID-19, failing companies took stimulus money then closed anyway

Hurting long before COVID-19, failing companies took stimulus money then closed anyway
Josh Salman, USA TODAY
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Stein Mart Inc. was desperate for shoppers long before COVID-19 forced closures at its discount department stores, scattered mostly throughout the Southeast.
During the past several years, the Florida retailer had hemorrhaged tens of millions of dollars, while searching for a corporate buyer. Like many struggling businesses, the company in June turned to the federal government’s Paycheck Protection Program, or PPP, as a possible savior. The $10-million loan didn’t last long.
Within two months, Stein Mart filed for Chapter 11 bankruptcy protection, citing more than $500 million in liabilities. The company closed all 280 stores and 9,000 workers lost their jobs. ....

United States , New York , Madison School , New Jersey , University Of Wisconsin , Trump Tower , Pend Oreille County , Mike Manus , Perry Halverson , Gardner Davis , Neil Getnick , Joe Raedle , Ashley Harrington , Stein Mart , Colin Willenbrock , Mike Reed , Nancy Weber , Rick Bowmer , Todd Behrend , Caroline Ciccone , John Munding , Bill Carter , Frank Otoole , John Pendleton , Ponderay Newsprint Co , Stein Mart Inc ,

Hurting long before COVID-19, failing companies took stimulus money then closed anyway

Hurting long before COVID-19, failing companies took stimulus money then closed anyway
Josh Salman, USA TODAY
Replay Video
UP NEXT
Stein Mart Inc. was desperate for shoppers long before COVID-19 forced closures at its discount department stores, scattered mostly throughout the Southeast.
During the past several years, the Florida retailer had hemorrhaged tens of millions of dollars, while searching for a corporate buyer. Like many struggling businesses, the company in June turned to the federal government’s Paycheck Protection Program, or PPP, as a possible savior. The $10-million loan didn’t last long.
Within two months, Stein Mart filed for Chapter 11 bankruptcy protection, citing more than $500 million in liabilities. The company closed all 280 stores and 9,000 workers lost their jobs. ....

United States , New York , Madison School , New Jersey , University Of Wisconsin , Trump Tower , Pend Oreille County , Mike Manus , Perry Halverson , Gardner Davis , Neil Getnick , Joe Raedle , Ashley Harrington , Stein Mart , Colin Willenbrock , Mike Reed , Nancy Weber , Rick Bowmer , Todd Behrend , Caroline Ciccone , John Munding , Bill Carter , Frank Otoole , John Pendleton , Ponderay Newsprint Co , Stein Mart Inc ,