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Specialty discount retailer expects no store closings
Stein Mart Inc. (Jacksonville, Fla.) said it plans to cut at least 200 jobs in an effort to scale down expenses, particularly after posting weaker sales in December. But the specialty discount retailer said it does not expect to close any stores, though it does acknowledge that it has two fewer stores currently than it did a year ago.
The company said it will eliminate 178 store positions by reducing the number of assistant managers at each store from two to one, while also cutting 31 field and corporate jobs, including 12 at its Jacksonville headquarters. All remaining management will see their salaries reduced by 5 percent, with corporate matching for 401(k) and deferred compensation plans also being suspended.
“These decisions, while difficult, underscore our philosophy to be fiscally conservative in a volatile economic climate,” said president and ceo David Stovall. Stein Mart’s sales over the past year are down nearly 9 percent over the past year.
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