“New merchandise arriving in stores, as well as customers’ favorite familiar brands, are deeply discounted and will sell out quickly at these low prices,” said a spokesperson for the joint venture in a statement. “We are encouraging shoppers to take advantage of Stein Mart’s abundant assortment of merchandise at substantial price reductions before it’s too late.”
Stein Mart’s stock
gained 7.7% to 13.3 cents in midday trading Friday, after plunging 32.3% to a record closing low close of 12.3 cents on Thursday. It has shed 84.3% over the past 12 months, compared with a 34.0% rally in the SPDR S&P Retail exchange-traded fund
and the S&P 500 index’s
The JV said store fixtures, furniture and equipment will be sold at discounted prices as part of the closeout sales. Gift cards and loyalty rewards will be accepted “for a limited time.”
Jacksonville, Fla.-based Stein Mart was originally established in the early 1900s as a single store in Greenville, Miss. It employs nearly 8,000 people, down from about 9,000 before the COVID-19 pandemic, the Wall Street Journal notes. Public filings show that it had assets of about $757.5 million and $791.3 million in debt.
View more information: https://www.marketwatch.com/story/here-are-all-the-going-out-of-business-sales-for-112-year-old-stein-mart-stores-2020-08-13