JACKSONVILLE, Fla., March 31, 2020 (GLOBE NEWSWIRE) -- Stein Mart, Inc. (NASDAQ: SMRT) today provided an update on actions it is taking, following its initial March 18, 2020 announcement related to the COVID-19 pandemic.
Based on the latest guidance from federal, state and local government and health authorities, and in the interest of the health and safety of its customers and associates, the company is extending the temporary closure of all stores beyond the previously announced March 31 date. 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. These actions include furloughing most store associates and a significant number of associates in its supply chain network and corporate offices.
In addition, the Company is temporarily reducing the salaries of executive management by 20 percent and associates not furloughed by a lower rate, and the Board of Directors has suspended its compensation. Stein Mart is also working with their vendors and landlords to negotiate temporary terms.
“The decision to furlough our associates was extremely difficult but required to manage through this unprecedented business interruption. Our furloughed associates will continue to receive their benefits and we will bring them back as soon as possible,” said Hunt Hawkins, Chief Executive Officer. “I’d like to thank our customers, associates and business partners for their support and patience as we continue to navigate these uncertain times.”
Stein Mart will continue to monitor this ongoing situation and assess recommendations from governmental and health authorities to determine when its stores will reopen. The Company remains open to serve customers through its online store at SteinMart.com.
About Stein Mart
Stein Mart, Inc. is a national specialty omni off-price retailer offering designer and name-brand fashion apparel for him and for her, home décor, accessories and shoes at everyday discount prices. Stein Mart provides real value that customers love every day. The company operates 281 stores across 30 states. For more information, please visit www.SteinMart.com.
