Stein Mart sales and earnings were hit hard in the coronavirus-impacted first quarter, and the off-price retailer said it was continuing to explore strategic alternatives.
Stein Mart is enhancing safety and cleaning measures to ensure the health and safety of its customers and associates as stores begin to reopen. The company also launched contactless curbside pickup service in select stores.
Stein Mart and Kingswood Capital Management have mutually agreed to terminate their merger agreement, previously announced in January, 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.
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.
A range of retailers across channels are responding to the coronavirus outbreak with moves to temporarily close their stores, reduce store hours and other consumer and employee oriented initiatives.
Stein Mart 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 $0.90 per share in cash.
Stein Mart has formed the SMart Council, a panel of 13 accomplished, fashion-savvy businesswomen from key markets throughout the U.S. where the company operates. The panel will provide insight into their shopping patterns, what issues frustrate them, offer solutions and share objective views of their Stein Mart shopping experiences to generate ideas to improve the customer experience.
Stein Mart has enhanced the shopping experience in its stores by adding the Mad Mobile’s Concierge solution for Mobile POS and Endless Aisle.
Stein Mart is boosting its omnichannel capabilities and streamlining its approach to merchandise planning with Oracle Cloud.
Stein Mart is installing Amazon Hub Lockers in nearly 200 of its stores across 28 states. Amazon Hub Lockers are secure, self-service kiosks that provide customers of the online retailer an alternative delivery option to pick up and return their Amazon packages.