First Borders, Now Stein Mart
The Friendship Heights store will close its doors in late April.
Stein Mart, located in the Chevy Chase Pavilion in Friendship Heights, is closing April 23, said Janice Murphy, director of investor relations at Stein Mart.
The upscale specialty store is not performing up to expectations, she said, adding that the company looked at its real estate portfolio to assess which stores are performing and those that are under-performing.
Within walking distance of the Friendship Heights Metro station, the Stein Mart location is the only one operating in Washington, D.C. There are no stores in Maryland and 11 stores in Virginia — part of a chain that has more than 260 stores nationwide.
Murphy said that the company likes the D.C. market and that they're committed to it. But she added that the company is focused on locations "where we are serving our customers well."
"It's just a business decision," she said.