Stein Mart to shutter 16 stores
May 1, 2003,
Jacksonville, FL — Stein Mart said it will close 16 underperforming stores this year, about 6 percent of its current store base of 270 units. As a group, the company said, the 16 stores generated operating losses of $5.2 million last year, and averaged 40 percent less in sales per square foot than the chain as a whole.
Adding up store closing and severance costs, the chain said it will record a pre-tax charge of $19 million, or about $0.28 per share, during the year. The closings will also require about $10 million, or $0.15 per share, in additional markdowns to liquidate inventory in the affected stores.
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