Greenville, Mississippi

Stein Mart Is Latest Brand Added to Retail Ecommerce Ventures' Stable; Site Expected to be Re-Launched in Early 2021

Retrieved on: 
Wednesday, December 2, 2020
Greenville, Mississippi, Jacksonville Modern architecture, Stein Mart, Stalking horse offer, Auction, Retailers, Retailing, Service companies

REV's new majority-owned subsidiary, Stein Mart Online Inc., submitted the winning bid of $6.02 million at the November 18 court auction, topping other offersincluding the subsidiary's original $4.0 million stalking horse bid.

Key Points: 
  • REV's new majority-owned subsidiary, Stein Mart Online Inc., submitted the winning bid of $6.02 million at the November 18 court auction, topping other offersincluding the subsidiary's original $4.0 million stalking horse bid.
  • The winning bid was officially approved on November 23 by the U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division.
  • REV Executive Chairman Tai Lopez said Stein Mart was a pioneer in taking an off-price brick and mortar retail concept online.
  • Retail Ecommerce Ventures(REV) was founded byAlex MehrandTai Lopezin 2019 to renew businesses that have struggled in the age of ecommerce.

Stein Mart, Inc. Voluntarily Files Chapter 11 Bankruptcy

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Wednesday, August 12, 2020
Greenville, Mississippi, Jacksonville Modern architecture, Stein Mart, Chapter 11, Title 11, United States Code, Bankruptcy, Finance, Companies, Retailers

JACKSONVILLE, Fla., Aug. 12, 2020 (GLOBE NEWSWIRE) -- Stein Mart, Inc. (NASDAQ: SMRT) today announced that it and its subsidiaries (collectively, the Company) have filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the Middle District of Florida Jacksonville Division (the Bankruptcy Court).

Key Points: 
  • JACKSONVILLE, Fla., Aug. 12, 2020 (GLOBE NEWSWIRE) -- Stein Mart, Inc. (NASDAQ: SMRT) today announced that it and its subsidiaries (collectively, the Company) have filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the Middle District of Florida Jacksonville Division (the Bankruptcy Court).
  • These motions are typical in the Chapter 11 process and the Company anticipates that they will be approved shortly after the commencement of its Chapter 11 case.
  • Stein Mart, Inc. is a national specialty omni off-price retailer offering designer and name-brand fashion apparel, home dcor, accessories and shoes at everyday discount prices.
  • The Bankruptcy will likely result in holders of our liabilities and/or securities receiving no value for their interests.

Stein Mart, Inc. Reports First Quarter 2020 Results and Provides Update on COVID-19 Response

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Tuesday, June 30, 2020
Greenville, Mississippi, Jacksonville Modern architecture, Stein Mart, Pandemic, Influenza A virus subtype H1N1, Games

JACKSONVILLE, Fla., June 30, 2020 (GLOBE NEWSWIRE) -- Stein Mart, Inc. (NASDAQ: SMRT) today announced financial results for the first quarter ended May2, 2020 and provided an update on its response to the COVID-19 pandemic.

Key Points: 
  • JACKSONVILLE, Fla., June 30, 2020 (GLOBE NEWSWIRE) -- Stein Mart, Inc. (NASDAQ: SMRT) today announced financial results for the first quarter ended May2, 2020 and provided an update on its response to the COVID-19 pandemic.
  • The Companys first quarter results were impacted by the temporary closure of all stores on March 19 due to the COVID-19 pandemic.
  • First quarter 2020 results include non-cash pre-tax asset impairment charges of $10.3 million or $0.22 per diluted share.
  • Net sales for the first quarter of 2020 were $134.3 million compared to $314.2 million for the first quarter of 2019.

Stein Mart, Inc. to Report Preliminary First Quarter Results June 30, 2020

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Friday, June 26, 2020
Greenville, Mississippi, Jacksonville Modern architecture, Stein Mart, NASDAQ, Marts, Economy of the United States, Finance, Companies

JACKSONVILLE, Fla., June 26, 2020 (GLOBE NEWSWIRE) -- Stein Mart, Inc. (NASDAQ: SMRT) plans to release preliminary first quarter financial results after the U.S. financial markets close on Tuesday, June 30, 2020.

Key Points: 
  • JACKSONVILLE, Fla., June 26, 2020 (GLOBE NEWSWIRE) -- Stein Mart, Inc. (NASDAQ: SMRT) plans to release preliminary first quarter financial results after the U.S. financial markets close on Tuesday, June 30, 2020.
  • Management will also host a conference call to discuss results and operations at 4:30 p.m. EST on the same day.
  • The call will be hosted by Stein Marts chief executive officer, Hunt Hawkins; president, MaryAnne Morin; and chief financial officer, James Brown.
  • A replay of the call will be available on the website through July 31, 2020.

Stein Mart Implements Enhanced Safety Measures as Stores Begin to Reopen

Retrieved on: 
Thursday, April 30, 2020
Greenville, Mississippi, Jacksonville Modern architecture, Stein Mart, Economy of the United States

JACKSONVILLE, Fla., April 30, 2020 (GLOBE NEWSWIRE) -- Stein Mart, Inc. (NASDAQ: SMRT) today announced enhanced safety and cleaning measures to ensure the health and safety of its customers and associates as stores begin to reopen.

Key Points: 
  • JACKSONVILLE, Fla., April 30, 2020 (GLOBE NEWSWIRE) -- Stein Mart, Inc. (NASDAQ: SMRT) today announced enhanced safety and cleaning measures to ensure the health and safety of its customers and associates as stores begin to reopen.
  • While stores were temporarily closed, Stein Mart has been proactively preparing to reopen its stores, implementing a number of precautionary measures to ensure a safe working and shopping environment, and launching its new Contactless Curbside Pickup service.
  • Stein Mart anticipates one-third of the chain will be open by May 1 and openings to rapidly accelerate over the coming weeks.
  • Our customers are a big part of the Stein Mart family and they have been missed, said Hunt Hawkins, Chief Executive Officer.

Stein Mart and Kingswood Announce Mutual Termination of Merger Agreement

Retrieved on: 
Thursday, April 16, 2020
Greenville, Mississippi, Jacksonville Modern architecture, Stein Mart, Kingswood, Marts, Economy of the United States

JACKSONVILLE, Fla. and LOS ANGELES, April 16, 2020 (GLOBE NEWSWIRE) -- Stein Mart, Inc. (NASDAQ: SMRT) (Stein Mart) and Kingswood Capital Management, L.P. (Kingswood) today announced that the parties have mutually agreed to terminate their merger agreement, previously announced on January 31, 2020, under which an affiliate of Kingswood was to acquire all of the outstanding common stock of Stein Mart not already beneficially owned by affiliates of Jay Stein, Stein Marts former CEO and current Chairman of the Board of Directors, and related investors.

Key Points: 
  • JACKSONVILLE, Fla. and LOS ANGELES, April 16, 2020 (GLOBE NEWSWIRE) -- Stein Mart, Inc. (NASDAQ: SMRT) (Stein Mart) and Kingswood Capital Management, L.P. (Kingswood) today announced that the parties have mutually agreed to terminate their merger agreement, previously announced on January 31, 2020, under which an affiliate of Kingswood was to acquire all of the outstanding common stock of Stein Mart not already beneficially owned by affiliates of Jay Stein, Stein Marts former CEO and current Chairman of the Board of Directors, and related investors.
  • Neither party will be required to pay the other a termination fee as a result of the mutual decision to terminate the agreement.
  • Stein Mart, Inc. is a national specialty off-price retailer offering designer and name-brand fashion apparel, home dcor, accessories and shoes at everyday discount prices.
  • Kingswood has extensiveexperience with complex transactions where it provides tailored solutions that ensure the best outcome for all constituents.

Stein Mart, Inc. Provides COVID-19 Business Update

Retrieved on: 
Tuesday, March 31, 2020
Greenville, Mississippi, Jacksonville Modern architecture, Stein Mart, Stein, Economy of the United States, Greenville, Mississippi, Jacksonville Modern architecture, Stein Mart, Stein, Economy of the United States

As the situation continues to evolve rapidly, Stein Mart is not currently able to predict when the stores will reopen.

Key Points: 
  • As the situation continues to evolve rapidly, Stein Mart is not currently able to predict when the stores will reopen.
  • Stein Mart also announced it is implementing significant actions to mitigate the ongoing impact of COVID-19 on its cash flow to protect its business and associates for the long-term.
  • The decision to furlough our associates was extremely difficult but required to manage through this unprecedented business interruption.
  • Id like to thank our customers, associates and business partners for their support and patience as we continue to navigate these uncertain times.

Acosta Appoints Sharon Hart as Chief Information Officer

Retrieved on: 
Wednesday, March 25, 2020
Geography of Florida, Cities in the United States, Greenville, Mississippi, Jacksonville Modern architecture, Stein Mart, Acosta, Jacksonville, Florida, Fast-moving consumer goods, CPG, Florida

JACKSONVILLE, Fla., March 25, 2020 /PRNewswire/ --Acosta, a full-service sales and marketing agency in the consumer packaged goods (CPG) industry, announced the appointment of Sharon Hart as Chief Information Officer, effective March 23, 2020.

Key Points: 
  • JACKSONVILLE, Fla., March 25, 2020 /PRNewswire/ --Acosta, a full-service sales and marketing agency in the consumer packaged goods (CPG) industry, announced the appointment of Sharon Hart as Chief Information Officer, effective March 23, 2020.
  • "We are thrilled to welcome Sharon to the team," said Darian Pickett, CEO of Acosta.
  • Most recently, Hart served as CIO and Senior Vice President, Information Systems, for Stein Mart, a national retailer with annual sales of $1.3 billion.
  • In this role, Hart optimized Stein Mart's IT operational and strategic investments through a keen focus on business operations and growth.

Stein Mart, Inc. Temporarily Closes All Stores in Response to COVID-19

Retrieved on: 
Wednesday, March 18, 2020
Greenville, Mississippi, Jacksonville Modern architecture, Stein Mart, Coronavirus, Economy of the United States

JACKSONVILLE, Fla., March 18, 2020 (GLOBE NEWSWIRE) -- In response to the coronavirus (COVID-19) outbreak, Stein Mart, Inc. (NASDAQ: SMRT) today announced that it will temporarily close all stores at the end of business today, March 18, through March 31, 2020.

Key Points: 
  • JACKSONVILLE, Fla., March 18, 2020 (GLOBE NEWSWIRE) -- In response to the coronavirus (COVID-19) outbreak, Stein Mart, Inc. (NASDAQ: SMRT) today announced that it will temporarily close all stores at the end of business today, March 18, through March 31, 2020.
  • We are deeply concerned about the health and safety of our customers, associates and communities.
  • We will continue to assess new recommendations from health and governmental authorities and respond accordingly.
  • While Stein Mart plans to reopen its stores on April 1, that date could be impacted by future recommendations by health and governmental authorities.

Stein Mart, Inc. Reports Fourth Quarter and Fiscal 2019 Results

Retrieved on: 
Wednesday, March 11, 2020
Greenville, Mississippi, Jacksonville Modern architecture, Stein Mart, Economy of the United States

JACKSONVILLE, Fla., March 11, 2020 (GLOBE NEWSWIRE) -- Stein Mart, Inc. (NASDAQ: SMRT) today announced financial results for the fourth quarter and fiscal year ended February 1, 2020.

Key Points: 
  • JACKSONVILLE, Fla., March 11, 2020 (GLOBE NEWSWIRE) -- Stein Mart, Inc. (NASDAQ: SMRT) today announced financial results for the fourth quarter and fiscal year ended February 1, 2020.
  • Net sales for the fourth quarter of 2019 were $336.6 million compared to $340.8 million for the fourth quarter of 2018.
  • Comparable sales for the fourth quarter of 2019 increased 0.1 percent (see Note 2).
  • Selling, general and administrative (SG&A) expenses for the fourth quarter were $88.2 million in 2019 compared to $90.2 in 2018.