Stein Mart Reducing Work Force
Jacksonville, Fla. Stein Mart Inc. said Friday it is laying off more than 200 employees in an attempt to reduce expense as sales continue to fall.
The retailer reported December sales of $178 million, down 9.3% from the previous December.
In response to falling sales, Stein Mart 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%.
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 are also being eliminated.
As of Jan. 3, Stein Mart operated 278 stores, two fewer than at the same time a year ago.