Stein Mart to Cut Jobs, Reduce Salaries

Stein Mart to Cut Jobs, Reduce Salaries
January 13, 2009

Jacksonville, Fla.-based Stein Mart Inc. is laying off more than 200 employees as it tries to cut expenses as sales continue to fall, according to the Jacksonville Business Journal. The retailer reported December sales of $178 million, down 9.3 percent from the previous December. In response to the declining sales, the company is laying off 209 workers, including 12 at the corporate office in Jacksonville, suspending matching contributions to employees' 401(k) accounts and cutting management salaries by 5 percent. Most of the layoffs, accounting for 178 jobs, will result from reducing the number of assistant managers in most stores from two to one. Another 31 field and corporate positions also will be cut. In addition to declining December sales, the company reported comparable-store sales were down 8.5 percent. The numbers weren’t any better for the quarter or the year to date. Sales for the nine-week quarter were $296.8 million, down 11.8 percent. Year-to-date sales of $1.3 billion were down 8.5 percent. As of Jan. 3, Stein Mart operated 278 stores, two fewer than at the same time a year ago.

Produced by: Nielsen Business Media, a part of the Nielsen Company
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