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Stein Mart extends temporary store closure
03 Apr 20 2 min read
Stein Mart, a specialty omni off-price retailer, has provided an update on its actions related to Covid-19 pandemic. The company has decided to extend temporary closure of all stores beyond the previously announced March 31 date. As situation continues to evolve rapidly, Stein Mart is not currently able to predict when the stores will reopen.
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The company reported that their decision was 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 has 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 per cent 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,” Hunt Hawkins, chief executive officer, said in a press release. “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 has reported that it 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.
Fibre2Fashion News Desk (JL)
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