X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(Carl Cronan is editor of Real Estate Florida.)

JACKSONVILLE, FL-Locally based Stein Mart Inc. says it plans to cut at least 200 jobs in an effort to scale down expenses, particularly after posting weaker sales in December and for its fiscal year to date. The discount department store chain posted 9% lower sales during the five-week holiday shopping period compared with a year earlier, saying Florida and the Southeast showed continued weakness.

Stein Mart will eliminate 178 store positions by reducing the number of assistant managers at each store from two to one, while also cutting 31 field and corporate jobs, including 12 at its Jacksonville headquarters. All remaining management will see their salaries reduced by 5%, with corporate matching for 401(k) and deferred compensation plans also being suspended.

No store closings are expected to result from the move, though Stein Mart does report that it has two fewer stores as of this month than it had a year ago, with 278 nationwide. Stein Mart’s sales over the past year are down nearly 9% over the past year to just under $1.3 billion, including $178 million in December, with more favorable results coming from stores west of the Mississippi River.

“These decisions, while difficult, underscore our philosophy to be fiscally conservative in a volatile economic climate,” David Stovall, Stein Mart president and CEO, stated in a release. The company expects to realize $25 million in savings this year as a result.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.