Stein Mart was an American discount department store chain headquartered in Jacksonville, Florida. The company specialized in offering trendy apparel for men and women at reduced prices. Their stores, mainly located in the Southeast, Texas, and California, also featured discounted home decor, accessories, and shoes. While Stein Mart previously operated physical stores, it now functions exclusively as an online retailer.
Sam Stein, a Russian Jewish immigrant, founded Stein Mart in 1908, opening the first store in Greenville, Mississippi.
Following Sam Stein's death in 1932, his son, Jake Stein, took over the company and shifted its focus to discounted clothing.
In 1977, under the leadership of Jay Stein, Stein Mart began expanding, growing from three stores to 40 stores by 1990.
By 1990, Stein Mart had expanded to 40 stores under Jay Stein's leadership.
Stein Mart continued its expansion, reaching 123 stores by the end of 1996.
In 2003, Stein Mart launched its "Real Shopper" advertising campaign, featuring real Stein Mart shoppers.
Due to customer demand, Stein Mart launched a limited online shopping option in October 2010, utilizing a "Ship from Store" model for faster delivery.
In 2010, Stein Mart began a partnership with Perfumania to offer a selection of fragrances in their stores.
In 2010, Stein Mart expanded its home department to include housewares and décor. They also introduced the "Boutique" section for special occasion wear and the "Attitudes" section for women's clothing.
In 2013, Stein Mart reported a profit of $25.6 million with 260 stores across 29 states.
In October 2017, in response to declining stock prices, Stein Mart announced plans to cut corporate staff, reduce inventory, slash capital expenses, and suspend stock dividends.
In January 2018, Stein Mart announced it was exploring strategic alternatives for the company.
In February 2020, Stein Mart entered into an agreement to take the company private, subject to shareholder approval.
In August 2020, Stein Mart announced that it had filed for Chapter 11 bankruptcy due to the COVID-19 pandemic and would be closing all of its 279 stores. The company has since transitioned to an online-only retailer.
In August 2020, heavily impacted by the COVID-19 pandemic, Stein Mart filed for Chapter 11 bankruptcy protection and announced the closure of all 279 stores.
Stein Mart announced that all remaining stores would permanently close by the end of October 2020.
In the fall of 2020, private equity firm Retail Ecommerce Ventures reached an agreement to acquire Stein Mart's operations.
On March 2, 2023, Retail Ecommerce Ventures, the parent company of Stein Mart, announced it was reconsidering a potential bankruptcy filing.
In March 2023, Retail Ecommerce Ventures announced that they were exploring options, including a potential Chapter 11 bankruptcy filing, to prevent financial collapse.
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