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The company said in court documents that it's still looking for a buyer to preserve jobs but if it doesn't find one, it might have to dismiss the bankruptcy case or convert it to Chapter 7 bankruptcy — which means liquidation.But it also conceded that a sale might not be possible because it has been marketed as for sale for more than 2 1/2 years. Stein Mart, Inc. and Kingswood Capital Management, L.P. announced that they have mutually agreed to terminate their merger agreement. Press Release Stein Mart and Kingswood Announce Mutual Termination of Merger Agreement Published: April 16, 2020 at 5:15 p.m. Navigation

See reviews, photos, directions, phone numbers and more for Stein Mart locations in Southfield, MI. The termination was approved by the Stein Mart … Merger Arbitrage Mondays - 7 Deals Close But Spreads Remain Wide Apr. Find 4 listings related to Stein Mart in Southfield on YP.com.

"As a result of the second decline in customer traffic and sales resulting from the COVID-19 resurgence, the company projects insufficient liquidity to continue operating as going concern in the ordinary course of business," the company wrote in court documents.Stein Mart has three locations in Sarasota County, including one in Venice at 1560 U.S. 41 Bypass and two in Sarasota in the Sarasota Pavilion at U.S. 41 and Stickey Point Road and in the West District at University Town Center on North Cattlemen Road.Court documents did not provide a list of closing stores, but a news release from the company said that it expects to close "a significant portion, if not all, of its brick-and-mortar store(s)." As reported, Stein Mart’s net earnings for the year ended Feb. 1 grew 34.8 percent to $20.7 million, or 50 cents a share. Stein Mart (SMRT) and Kingswood Capital Management mutually terminate their merger agreement.

In January, Stein Mart entered into a merger agreement with Kingswood Capital LLC, which is managed by company chairman Jay Stein, but the agreement fell apart because of the pandemic. Our unbiased fundamental financial analysis is acutely focused on aiding those with current or future financial exposure to engage in favorable transactions as it relates to specific retailers. In January, Stein Mart entered into a merger agreement with Kingswood Capital LLC, which is managed by company chairman Jay Stein, but the agreement fell apart because of the pandemic. Stein Mart sought to head off its liquidity problems by selling itself to Stratosphere Holdco, an entity to hold the operations, and other related assets for parent firm Kingswood Capital Management in a deal inked on Jan. 3. The retailer,  which operates 283 stores in 30 states, has struggled in increase sales in today’s competitive retail markets. Feb 5, 2020 Facing a threat of falling off the Nasdaq Stock Market, Stein Mart Inc. has entered into a merger deal to become part of the private equity firm Kingswood Capital Management L.P.

Contact Us It has furloughed most of its employees as its stores remain closed amid the virus outbreak.“While we both believed in the benefits of the proposed transaction, we have mutually concluded after careful consideration that given the current environment and significant uncertainty, it would not be prudent to continue to pursue the transaction,” said Richard L. Sisisky, Stein Mart board member, and Alex Wolf, managing partner of Kingswood, in a joint statement.

To add Stein Mart to your portfolio you must register with Pulse Ratings by completing the sign up form below.You can contact Dennis using one of the options listed below.Your account will be converted to a subscription account, all the companies currently in your trial subscription will be moved into your cart, you can remove any company subscriptions you do not want, and then checkout. The company’s efforts to find a buyer, or additional sources of financing, with the assistance of PJ Solomon Securities, were unsuccessful following the termination of the prior merger agreement with Kingswood, and an entity managed by Jay Stein, chairman of Stein Mart, in April. Stein Mart (NASDAQ: SMRT) and Kingswood Capital Management announces the termination of the merger between the two companies.

Stein Mart, Inc. and Kingswood Capital Management, L.P. announced that they have mutually agreed to terminate their merger agreement.To view the full Pulse Ratings analysis on Stein Mart, you must register with Pulse Ratings by completing the sign up form below. As reported, Stein Mart on Wednesday launched a store closing and liquidation process as part of the filing.