Stein Mart

Former Stein Mart CEO Jay Stein bought $31 million California home in 2019

Aug 18, 2020
Via Jacksonville Daily Record

When Jay Stein decided to retire as Stein Mart Inc.’s CEO at age 70 in March 2016, the business hadn’t substantially begun its decline and COVID-19 was nearly four years from being the daily headline that would seal the national department store chain’s demise.

Stein Mart's corporate headquarters on Jacksonville's Southbank.
BILL BORTZFIELD / WJCT NEWS

Jacksonville-based Stein Mart has filed for Chapter 11 bankruptcy, saying it “expects to close a significant portion, if not all, of its brick-and-mortar stores.”

Photo of Stein Mart's corporate headquarters on the Jacksonville Southbank.
BILL BORTZFIELD / WJCT NEWS

Jacksonville-based Stein Mart’s future is looking bleak, according to the annual report the department store chain has filed with the Securities and Exchange Commission.

BILL BORTZFIELD / WJCT NEWS

Jacksonville-based department store chain Stein Mart’s future is looking more uncertain as a planned stock buyout by Kingswood Capital Management, L.P. has fallen apart.

Pictured: Stein Mart's corporate headquarters on the Jacksonville Southbank.
Bill Bortzfield / WJCT News

The Jacksonville-based Stein Mart department store chain, which has seen its stock value plummet over the past five years, has entered into an agreement with an affiliate of Kingswood Capital Management, L.P., a private equity firm.

Stein Mart

"Years ago, kids was a fairly sizable business,” said Stein Mart President MaryAnne Morin in announcing Monday that the Jacksonville-based fashion retailer is once again featuring clothing and toys for kids.

Bill Bortzfield / WJCT News

Jacksonville-based Stein Mart has let go 48 employees at its corporate headquarters on the Southbank.

 Friday on our “First Coast Connect" Media Roundtable our panel consisted of blogger Fred Matthews, WJCT business analyst John Burr and The Next Page podcaster Charles Griggs. Writer and director Durden Godfrey, and Third Man Entertainment owner Jared Rush talked about the locally produced film “Never Go Back.” Ryan Ali with the Jacksonville Cultural Council about the PNC Foundation’s “Arts Alive” program and organizers Cody Burton and Tim Kerr told us about the Intersections Festival Saturday in Klutho Park.  


           

Stein Mart store exterior
Stein Mart

A national department store chain based in Jacksonville has been hit with a fine from the federal government.

Stein Mart received the $800,000 penalty after the Securities and Exchange Commission said the company improperly valued its inventory.