Stein Mart Inc. filed a motion in bankruptcy court Dec. 1 asking for more time to file its Chapter 11 reorganization plan.
The Jacksonville-based fashion retailer filed for Chapter 11 bankruptcy on Aug. 12 in U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division.
After filing the petition, Stein Mart closed its 281 stores and shut down most of its operations but it still needs to file a plan to pay off creditors.
According to the motion to extend the time, Stein Mart had exclusive rights to file a plan until Dec. 10, but it wants to extend that deadline to Jan. 18.
The motion said Stein Mart circulated a draft plan to creditors Nov. 5 but the Committee of Creditors Holding Unsecured Claims had concerns with it.
The committee is working with the company to resolve those concerns and supports the time extension, the motion said.
“The Debtors and Committee believe that a consensual Plan, supported by the Committee, if possible, will be in the best interest of the Debtors’ estates and all creditors,” it said.