Jacksonville-based Stein Mart has let go 48 employees at its corporate headquarters on the Southbank.
Stein Mart Director of Investor Relations Linda L. Tasseff told WJCT News Friday that the positions were eliminated Thursday as part of a plan to reduce costs by $10 million (pre-tax) in 2018.
"Rightsizing efforts are never easy as we understand the significant impact this action has on our associates and their families. We appreciate the contributions of all our associates and sincerely wish those impacted by this decision the very best as they pursue their future," said Stein Mart CEO Hunt Hawkins in a news release.
Tasseff said the jobs were eliminated in a variety of departments that included finance, IT and merchandising, leaving the corporate headquarters in Jacksonville with 293 employees, which amounts to an approximately ten percent Jacksonville corporate staff reduction.
The retailer has also been undertaking other cost cutting moves this year that include: Lowering inventories by 15 percent, reducing capital expenditures by $22 million over the prior year and suspending the quarterly dividend, which will result in a $14 million annual savings, according to the company.
"While we believe our sales-driving strategies are now taking hold, we are still in a very challenging retail environment. With this in mind, we are taking the necessary steps to better position our company for long-term success," said Hawkins.
Stein Mart employs about 11,000 workers across the company, which operates 293 stores in 31 states.
The retailer will be releasing its third quarter financial results after the markets close on Wednesday, November 15.