|Over a month ago|
Stein Mart implements enhanced safety measures as stores begin to reopen » 08:4904/3004/30/20
Stein Mart announced…
Stein Mart announced enhanced safety and cleaning measures to ensure the health and safety of its customers and associates as stores begin to reopen. The Company also announced it has launched Contactless Curbside Pickup service in select stores. 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. The Company is now reopening many of its stores based on guidelines and regulations from public health officials and federal, state and local governmental authorities. Stein Mart anticipates one-third of the chain will be open by May 1 and openings to rapidly accelerate over the coming weeks. During this period, Stein Mart has successfully expanded its Buy Online, Pickup In-store service with the launch of its Curbside Pickup service, available now at select stores nationwide with more stores coming on line soon. Stein Mart is the only off-price retailer offering this service. Curbside Pickup is one more way the Company is growing its omni-channel business, while delivering the convenience of shopping at Stein Mart in a new way to customers during this unprecedented time. Customers can also still order online at SteinMart.com and have their products shipped directly to their homes. Stein Mart is taking numerous actions to ensure the health and safety of its customers and associates. Stein Mart stores are following recommended CDC social distancing and cleaning guidelines, including marking the floors at checkout and removing product from aisles, more frequent cleaning of restrooms, sanitizing checkout lanes and cleaning carts. Store associates are required to continue to practice healthy behaviors, such as wearing face masks, thorough hand washing and regular usage of hand sanitizer. As an added precaution, fitting rooms are temporarily closed but the Company has extended its return policy and enhanced how returns are processed. During the phased reopening, store hours will be limited to 11 a.m. to 6 p.m. to give associates the time needed to provide a shopping experience Stein Mart customers can always count on.
Stein Mart qualifies for temporary relief from compliance with Nasdaq » 16:0704/2004/20/20
Stein Mart announced that…
Stein Mart announced that it qualifies for recently announced temporary relief from compliance with The Nasdaq Stock Market $1.00 minimum bid price requirement. As previously disclosed, Nasdaq had advised the company that it had until July 6, 2020 to regain compliance with the Minimum Bid Price Requirement. However, on April 16, 2020, Nasdaq announced that, in response to the COVID-19 pandemic and related extraordinary market conditions, it is providing temporary relief from bid price and other requirements through June 30, 2020. As a result, the Company has until September 18, 2020 to regain compliance with the Minimum Bid Price Requirement.
Stein Mart, Kingswood agree to terminate merger agreement » 16:1604/1604/16/20
Stein Mart and Kingswood…
Stein Mart and Kingswood Capital Management 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 Mart's former CEO and current Chairman of the Board of Directors, and related investors. The termination was approved by the Stein Mart Board of Directors acting on the recommendation of the Special Committee of independent directors that oversaw negotiation of the merger agreement, and is in response to the unpredictable economic conditions resulting from the global health crisis caused by the coronavirus pandemic, uncertainty regarding Stein Mart's ability to satisfy the conditions to closing, and the substantial expense to Stein Mart of soliciting shareholder approval for a transaction which is unlikely to close. Neither party will be required to pay the other a termination fee as a result of the mutual decision to terminate the agreement.
|Over a quarter ago|
Stein Mart trading resumes 13:4503/3103/31/20
Stein Mart extends temporary closure of stores, furloughs most store associates » 13:1703/3103/31/20
Stein Mart provided an…
Stein Mart 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. 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.
Stein Mart trading halted, news pending 13:1003/3103/31/20
Stein Mart temporarily closes all stores in response to COVID-19 » 14:2503/1803/18/20
In response to the…
In response to the coronavirus outbreak, Stein Mart announced that it will temporarily close all stores at the end of business today, March 18, through March 31, 2020. Operations at its three distribution centers will also be suspended at the end of the week. While Stein Mart plans to reopen its stores on April 1, that date could be impacted by future recommendations by health and governmental authorities. The company said it remains open to serve customers through its online store.
Stein Mart trading resumes 09:5001/3101/31/20
Stein Mart enters into transaction to become private » 09:2201/3101/31/20
Stein Mart announced it…
Stein Mart announced it has entered into a definitive merger agreement under which an affiliate of Kingswood Capital Management will acquire all of the outstanding common stock of Stein Mart not already beneficially owned by affiliates of Jay Stein, Stein Mart's former CEO and current Chairman of the Board of Directors, and related investors for 90c per share in cash. Upon closing, Stein Mart will become a privately held company and Stein Mart common stock will no longer be listed or traded on any public stock market. The purchase price represents a premium of approximately 38% to Stein Mart's closing stock price on January 30, 2020, the last trading day prior to this announcement. The transaction was unanimously approved by the Stein Mart Board of Directors, acting on the unanimous recommendation of a Special Committee of independent directors that was granted full authority to conduct a comprehensive strategic review and evaluate, and if warranted, negotiate an acquisition proposal. The transaction will be financed by debt provided by Wells Fargo Bank, National Association and Pathlight Capital LP and by equity provided by affiliates of Kingswood. As part of the transaction, an entity managed by Jay Stein will contribute its equity and, following the closing of the merger, will indirectly own one-third of Stein Mart after the closing. The transaction, which is expected to close in the first half of calendar year 2020, is subject to approval by Stein Mart shareholders and the satisfaction of other customary closing conditions. The Stein Mart Board of Directors recommends that Stein Mart's shareholders vote to adopt and approve the merger agreement.
Stein Mart trading halted, news pending 09:1501/3101/31/20