JACKSONVILLE, Fla. – Stein Mart Inc. said Thursday it is reducing corporate office jobs by 10 percent as part of a cost-cutting program at the struggling fashion retailer, the Jacksonville Daily Record reported.
The company eliminated 48 positions, leaving it with 293 corporate staff employees at Stein Mart’s Southbank offices at 1200 Riverplace Blvd., according to the paper. The company has an additional 100 corporate staffers at other sites. Stein Mart, which operates 293 stores in 31 states, employs about 11,000.
The company told the Daily Record the job cuts are part of a plan that will save $10 million in expenses in fiscal 2018. Stein Mart reported selling, general and administrative expenses of about $172 million in the first half of fiscal 2017 as it recorded a net loss of $9.3 million.
Comparable-store sales dropped 6.4 percent in the first six months of the year. Comparable-store sales are sales at stores open for more than one year and are considered a key indicator of a retailer’s performance.
“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,” CEO Hunt Hawkins said in a news release.
“Rightsizing efforts are never easy as we understand the significant impact this action has on our associates and their families,” he said.
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