page_title: Stein Mart
section_title: History
hierarchical_section_title: Stein Mart / History
caption_attribution_description: English: South Mall in Allentown and Salisbury Township, Lehigh County, Pennsylvania.
context_page_description: Stein Mart is an American discount men and women's department store chain based in Jacksonville, Florida. Stein Mart has locations primarily in the Southeast, Texas, and California. Stein Mart stores carry recent trends in clothing for both men and women. Additionally, home decor, accessories, and shoes are all available at discounted prices.
  In August 2020, the company announced that it had filed for Chapter 11 bankruptcy, and that it planned to close most of its 279 stores.
context_section_description: Stein Mart was founded in 1908 by Sam Stein, a Russian Jewish immigrant who opened his first store in Greenville, Mississippi. The department store carried general merchandise until his son, Jake Stein, took over the company upon his father Sam's death in 1932. The store then redirected its focus toward discounted clothing.
  The chain targeted customers who shopped department stores on a regular basis, inducing them to purchase  goods by offering discounts of 25 to 60 percent off department store prices. By the late 1970s, Stein Mart had become a leading retailer of clothing for the family in the Mississippi Delta.
  Under Jay Stein's leadership, Stein Mart grew from three stores in 1977 to 40 stores in 1990, and then to 123 stores by the end of 1996. In determining the prime locations for new Stein Mart stores, management targeted cities with populations of 125,000 or more and relied on demographic research regarding income, education, and occupation to help predict whether a community might support a discounter of designer merchandise.
  In 2003, Stein Mart introduced the "Real Shopper" campaign with support from Orlando-based advertising agency, Fry Hammond Barr.  This multimedia advertising campaign features real Stein Mart shoppers chosen via casting calls held throughout the country.  Each season six to eight female shoppers are chosen to appear in the campaign and are featured in Stein Mart's Sisterhood book online.
  In 2013, the company reported a profit of $25.6 million with operation of 260 stores in 29 states.
  In October 2017, in response to the downward trend of the company's stock price, the company announced plans to improve its financials by cutting 10% of their corporate staff, trimming inventory by 15%, slashing $22 million from the prior year's capital expenses, and suspending the 4th quarter stock dividend.
  In January 2018, Stein Mart announced that it would explore strategic alternatives for the company. In February 2020, Stein Mart entered into a deal to make the company private; its common stock would no longer be listed on any public stock market. The transaction is subject to approval by Stein Mart shareholders and was "expected to close in the first half of calendar year 2020." 
  On August 12, 2020, the company announced that it had filed for Chapter 11 bankruptcy, citing the impact of the COVID-19 pandemic on the company's business.
caption: Stein Mart store at the South Mall in Allentown, Pennsylvania
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