(Bloomberg) -- Stein Mart Inc. filed for bankruptcy and may close all of its stores as the coronavirus pandemic accelerated the off-price retailer’s decline.

The company has launched a liquidation process and expects to close “a significant portion, if not all, of its brick-and-mortar stores,” according to a statement Wednesday. Stein Mart said it is evaluating all options and may sell its e-commerce operations and related intellectual property.

The department-store chain becomes the latest old-line retailer to succumb to a tumultuous retail environment, as the pandemic has prompted lengthy economic shutdowns and upended consumer behavior. More than two dozen major retailers have filed Chapter 11 this year, including Men’s Wearhouse owner Tailored Brands Inc. and department store Lord & Taylor in just the last few weeks.

Trading in Stein Mart shares was halted early Wednesday for news pending. The stock fell 56% this year through Tuesday.

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