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, Stein Mart 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 is also 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% 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, CEO, Stein Mart. “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 remains open to serve customers through its online store.