National discount department store chain Stein Mart is "The combined effects of a challenging retail environment coupled with the impact of the Headquartered in Jacksonville, Florida, Stein Mart has more than 280 stores in 30 states specializing in clothing, shoes and housewares.
Net loss in the second quarter grew to $71.5 million from a loss of $39.3 million in the year-ago period. •
By signing up to receive our newsletter, you agree to our Analysts say that retailers like Sears, Kmart, Stein Mart, bebe, Bon-Ton, Men's Wearhouse are at high risk of bankruptcy in 2018. Credit Cards The company has also seen turnover in other notable positions including iLab founder Scott Emmons, Chief Merchandising Officer . Rite Aid has recovered some since then, with third quarter revenues rising from the year-ago period and retail same-store sales rising 1.6% on a 3.1% increase in pharmacy sales and a 1.5% decrease in front-end sales.The new year hasn't been much kinder. Stein Mart now has 281 stores across 30 states. Neiman Marcus has put together a string of relatively healthy quarters, recently posting its sixth consecutive quarter of comparable store sales growth. That being said, the company's next term loan payment, totaling $22.5 million, isn't due until November of 2020, and Moody's has speculated the retailer The company's brands operate in a variety of spaces, but Lane Bryant and Catherines, which operate in the , have had a particularly tough time resonating with consumers who, in many cases, don't want to be shunted off to a separate store to get fashionable clothing.
In addition to the absent CEO spot, the company brought in West Elm's creative director, Johanna Uurasjarvi, over the summer to be , but she has since been replaced by Chris Benz, a former J. Press release from OnQ Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services.Things were already hard enough for brick-and-mortar retailers before the coronavirus pandemic hit.
Shop Stein Mart to save up to 60% off department store prices. Stein Mart to institute cost cuts expected to save about $10 mln in 2018.
Its net loss narrowed slightly, coming to $50.4 million after widening dramatically — by 555% — to $51.1 million in Q2. JACKSONVILLE, Fla., Feb. 21, 2020 (GLOBE NEWSWIRE) -- Stein Mart, Inc. (NASDAQ: SMRT) … Stein Mart on June 30 reported a first-quarter loss of $65.7 million, or $1.38 per share. The Investor Relations website contains information about Stein Mart's business for stockholders, potential investors, and financial analysts. To boost profit and sales, the company cut jobs and developed a "Digital First" strategy in 2017 to engage customers more deeply. The 112-year-old company blamed its failure on changing consumer habits and the pandemic, both of which "have caused significant financial distress on our business," Stein Mart CEO Hunt Hawkins said. One stroke of genius has been installing self-service lockers in around 200 stores, where customers can pick up Amazon orders.
Aug 14, 2020 “The company is evaluating any and all strategic alternatives, including the potential sale of its eCommerce business and related intellectual property,” Stein Mart said.CEO Hunt Hawkins outlined Stein Mart’s problems.
Still, Stein Mart's financial struggles pre-date the health crisis. Ironically, the mammoth online competitor could drive some brick-and-mortar business for Stein Mart.
In the first quarter its sales fell to $134 million, down sharply from $314 million in the year-ago period. In its Executive turmoil is also likely making it difficult for the retailer to turn around the business. Find top brands of clothing, home goods & more with buy online pickup in-store options.
"Stein Mart temporarily closed its businesses on March 18 during the first wave of the pandemic.
Off-Price Retailer Stein Mart Files for Bankruptcy, Plans to Close Stores Discount department-store chain, which sought chapter 11 protection in Florida, intends to close all or most of its 280 stores Shortly after the CEO shuffling, though, the company In addition to all of the executive turnover, the company's financials have has not been particularly inspiring. Crew employee under Jenna Lyons, executives said during a recent conference call with analysts. However, store closures will test the company's liquidity and will put it deeper in a financial hole, if not worse.The company's comparable sales have consistently declined and it's on track to report a loss for the year. It plans to close a “significant portion,” if not all, of its brick-and-mortar stores. Press release from FullContact Be in the know. Stores are likely to close by October, though exact closing dates will according to the location. At the same time, former CEO Alasdair James stepped down and was replaced by board member Cheryl Bachelder in the interim.The retailer has had a tough couple of months since then as well. Aug 26, 2020 Stein Mart said it had formed a special committee, appointed by the company's board, to aid in the review process.
The company had almost $200 million in total debt as of May 2, court documents show.The company has nearly 8,000 workers, but many were furloughed after the virus temporarily shuttered its stores, Hawkins said in court About two dozen retailers, big and small, have filed for Chapter 11 protection this year, far exceeding the number for all of last year.
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