Stein Mart Inc fka SMRTQ

[ClayTrader]

* * $SMRT Video Chart 04-30-2020 * *

Link to Video - click here to watch the technical chart video

[Fitzy_O]

SMRT taking safety measures as the store begins to reopen

[Fitzy_O]

Looks like the economy will slowly start opening back up Friday.

[Fitzy_O]

Really quite today

[barnyarddog]

.26 Stein Mart and Kingswood Announce Mutual Termination of Merger Agreement

JACKSONVILLE, Fla. and LOS ANGELES, April 16, 2020 (GLOBE NEWSWIRE) -- Stein Mart, Inc. (NASDAQ: SMRT) (“Stein Mart”) and Kingswood Capital Management, L.P. (“Kingswood”) today announced that the parties have mutually agreed to terminate their merger agreement, previously announced on January 31, 2020, under which an affiliate of Kingswood was to acquire all of the outstanding common stock of Stein Mart not already beneficially owned by affiliates of Jay Stein, Stein Mart’s former CEO and current Chairman of the Board of Directors, and related investors.

The termination was approved by the Stein Mart Board of Directors (other than Mr. Stein) acting on the recommendation of the Special Committee of independent directors that oversaw negotiation of the merger agreement, and is in response to the unpredictable economic conditions resulting from the global health crisis caused by the coronavirus (COVID-19) pandemic, uncertainty regarding Stein Mart’s ability to satisfy the conditions to closing, and the substantial expense to Stein Mart of soliciting shareholder approval for a transaction which is unlikely to close.

In a joint statement, Richard L. Sisisky, Stein Mart Board member and Chairman of the Special Committee, and Alex Wolf, Managing Partner of Kingswood, said, “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.”

Neither party will be required to pay the other a termination fee as a result of the mutual decision to terminate the agreement.

About Stein Mart
Stein Mart, Inc. is a national specialty off-price retailer offering designer and name-brand fashion apparel, home décor, accessories and shoes at everyday discount prices. Stein Mart provides real value that customers love every day. The company operates 281 stores across 30 states. For more information, please visit www.SteinMart.com.

https://www.otcmarkets.com/stock/SMRT/news/story?e&id=1577986

[Fitzy_O]

This will go into maximum over drive any time now

[creede]

SMRT: Looks like the deal is off. https://finance.yahoo.com/news/stein-mart-kingswood-announce-mutual-201510110.html

Credit to Big Brother for the quick heads up.

[creede]

Stein Mart Prepares For Merger After Flat Q4

Stein Mart Prepares For Merger After Flat Q4

By Matthew Kramer on March 13, 2020

As the off-price retailer prepares for the closing of a pending merger agreement, Stein Mart reported fairly flat net sales and comparable store sales in the fourth quarter.

Net sales for the fourth quarter of 2019 ended February 1 were $336.6 million compared to $340.8 million for the fourth quarter of 2018. Comparable sales for the fourth quarter increased 0.1%. Omni sales, defined as all online sales regardless of fulfillment channel, increased 7% over last year’s fourth quarter. Net loss for the fourth quarter was $0.3 million or $0.01 per diluted share for 2019 compared to net income of $3.7 million or $0.08 per diluted share for 2018.

For the fiscal year, net sales decreased 3% to $1.22 billion while comparable sales decreased 1.4% to last year. Omni sales increased 11% over 2018. Net loss for the fiscal year was $10.5 million or $0.22 per diluted share for 2019 compared to a net loss of $6.2 million or $0.13 per diluted share for 2018.

As announced in January, Stein Mart has entered into a definitive merger agreement under which an affiliate of Kingswood Capital Management will acquire all of the outstanding common stock of Stein Mart not already beneficially owned by affiliates of Jay Stein, Stein Mart’s former CEO and current chairman of the board of directors, and related investors for $0.90 per share in cash. As part of the merger, an entity managed by Jay Stein will contribute its equity and, following the closing of the merger, will indirectly own one-third of Stein Mart after closing.

The merger, which is expected to be completed in the first half of calendar year 2020, is subject to approval by Stein Mart’s shareholders and the satisfaction of other customary closing conditions. Upon closing, Stein Mart will become a privately held company.

https://www.homeworldbusiness.com/stein-mart-prepares-for-merger-after-flat-q4/

[creede]

Class action shareholder lawsuit filed against Stein Mart

Class action shareholder lawsuit filed against Stein Mart

By Timothy Gibbons – Editor in chief, Jacksonville Business Journal
Mar 10, 2020, 4:50pm EDT Updated Mar 10, 2020, 4:52pm EDT

Stein Mart Inc. and its board of directors — including Chairman Jay Stein — are being sued in U.S. District Court by a shareholder who says the company’s merger deal isn’t fair.

The class action suit brought by Lloyd Levy comes six weeks after Stein Mart's board approved a buyout agreement with private equity firm Kingswood Capital Management L.P that would take the company private.

It is the second shareholder suit filed. The first, brought by Robert Hutchenson, was filed March 5.

Levy is represented by Brodsky & Smith LLC, a Pennsylvania-based law firm known for shareholder class action lawsuits.

Three days after the Stein Mart deal was announced, Brodsky & Smith posted an advertisement saying it was “investigating potential claims” against the Stein Mart board for “possible breaches of fiduciary duty and other violations of federal and state law.”

Stein Mart did not immediately return a call Tuesday afternoon.

According to the agreement reached with Kingswood, the private equity firm would pay 90 cents a share to purchase all of Stein Mart’s common stock, with the exception of shares controlled by Jay Stein.

His shares would be rolled over into Kingswood, with Stein retaining indirect ownership of a third of the company

Stein Mart shares closed at 65 cents the day before the deal was announced, making the purchase price roughly a 38 percent premium.

But the sales process was “hijacked” by Stein, Levy says in the suit, which was filed in the Southern District of New York on Tuesday.

“Defendant Stein has used his influence over the Company, the Board, and the process to secure for himself different and better treatment – namely – rather than being cashed out of the Company at the paltry sum of $0.90 per share, all of Defendant’s Stein’s stock in the Company will roll over into equity in the Parent entity, allowing his interest in the Company to continue to grow,” the suit says.
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By agreeing to the transaction, Stein Mart’s board breached its fiduciary duty, the suit argues. It asks that the court enjoin the proposed deal.

Hutchenson’s suit, which was not filed as a class action, is less broad. In it, he argues that shareholders have not been given sufficient information to evaluate the proposed transaction, particularly detailed financial information about the company. He also asks for the deal to be enjoined.

Hutchenson is represented by Moore Kuehn PLLC.

The agreement is set to be voted on by shareholders at an upcoming meeting. Because Stein owns about 35.5 percent of the company, the deal can be agreed to if 23 percent of the remaining shares — adding up to 15 percent of shareholders — sign off on the deal.

Stein Mart is worth more than 90 cents a share, Levy argues in his filing, because it has “shown solid financial improvement” and has invested in new technology and other initiatives.

“Despite this positive outlook and respect amongst the industry, the Proposed Transaction, and the valuation contained therein do not account for Stein Mart’s proven financial success,” the suit says. “If consummated, the Proposed Transaction would deprive Plaintiff and other members of the Class the true value of their investments.”

According to the suit, Levy says that Stein “controlled” the sales process, despite the fact that a special committee was set up to insulate him from it. While Stein Mart was having its financial advisor, PJ Solomon Securities, looking for potential buyers, Stein had Moelis & Co. conducting its own search, the suit says.

If there were other interested buyers, it would be hard to find them now, Levy argues: The deal reached with Kingswood includes a $2.2 million termination fee and a “no solicitation” provision, the suit says, which makes finding a richer offer unlikely.

“The process deployed by the Individual Defendants was flawed and inadequate, was conducted out of the self-interest of the Individual Defendants – namely Defendant Stein’s individual self-interest – and was designed with only one concern in mind – to effectuate a sale of the Company to Kingswood,” the suit says.

Stein Mart shares closed at 73.49 cents Tuesday, down from around 87 cents Monday — the price near which the stock had been trading since the go-private deal was announced.

https://www.bizjournals.com/jacksonville/news/2020/03/10/class-action-shareholder-lawsuit-filed-against.html?ana=yahoo&yptr=yahoo

[creede]

Retailer Stein Mart to be taken private by Kingswood Capital at 90 cents a share

Retailer Stein Mart to be taken private by Kingswood Capital at 90 cents a share


Ciara Linnane
•January 31, 2020

Discount retailer Stein Mart Inc. SMRT, -4.40% has agreed to be taken private by a unit of Kingswood Capital Management LP for 90 cents a share in cash, the company said Friday. The price is equal to a 38$ premium over the stock's closing price on Thursday. Kingswood will acquire all of the stock not already owned by affiliates of Jay Stein, Stein Mart's former chief executive and current chairman of its board. The deal will be financed by debt provided by Wells Fargo, National Association and Pathlight Capital LP and by equity provided by affiliates of Kingswood. As part of the deal, an entity managed by Jay Stein will contribute its equity and indirectly own a third of the company after closing. The deal is expected to close in the first half. Stein Mart is based in Jacksonville, Florida and has 283 stores in 30 states. Shares were halted at 65 cents for the news and have fallen 41% in the last 12 months, while the S&P 500 SPX, -2.02% has gained 21%.

https://www.marketwatch.com/story/retailer-stein-mart-to-be-taken-private-by-kingswood-capital-at-90-cents-a-share-2020-01-31?siteid=yhoof2&yptr=yahoo

[creede]

Stein Mart Stock Drops Two Tiers, Risks Delisting

Stein Mart Stock Drops Two Tiers, Risks Delisting

By Alex Wilson – Reporter, Jacksonville Business Journal
Jan 16, 2020, 3:07pm EST

After nearly eight months of trading under $1, Jacksonville-based retailer Stein Mart Inc.’s listing was moved from the Nasdaq’s highest tier to its lowest.

Stein Mart (NASDAQ: SMRT) announced Jan. 7 that its listing would be transferred from the Nasdaq Global Select Market into the Nasdaq Capital Market, with the move effective on Jan. 8. Simultaneously, the company announced that it received an additional 180-day grace period in which it would have the chance to raise its stock above the Nasdaq’s minimum bid price requirement. Nasdaq previously warned Stein Mart in July that the company could be delisted on Jan. 6.

“To regain compliance with the Minimum Bid Price Requirement and qualify for continued listing on the Nasdaq Capital Market, the minimum bid price per share of the Company’s common stock must be at least $1.00 for at least ten consecutive business days…,” Stein Mart said in a press release.

Stein Mart has until July 6 to regain compliance.

The announcement follows nearly eight months of the company’s stock trading under a $1; Stein Mart’s stock hasn’t closed above $1 since late May. Stein Mart’s most recent 10-K report showed the company had a 3.7 percent decrease in net sales over a 39-week period that ended on Nov. 2, and a 1.9 percent decrease in comparable store sales. The company attributed the 3.7 percent decrease to the lower comparable store sales and having few stores in the 39-week period.

“The 1.9 percent decrease in comparable stores sales on an owned plus licensed basis for the 39 weeks ended November 2, 2019, was primarily driven by a decrease in the number of transactions, while units per transaction and average unit retail dollars were flat,” the company said.

The transfer between markets doesn’t significantly impact investors, but it does mean less prestige for the company’s listed stock.

https://www.bizjournals.com/jacksonville/news/2020/01/16/stein-mart-stock-drops-two-tiers-risks-delisting.html?ana=yahoo&yptr=yahoo

[creede]

Just grabbed a starter position in SMRT.

Talk about an interesting situation.

[Spicknspan]

Nice move on a bad day

[ClayTrader]

* * $SMRT Video Chart 01-31-2020 * *

Link to Video - click here to watch the technical chart video

[whytestocks]

News: $SMRT Stein Mart Introduces Fine Jewelry

JACKSONVILLE, Fla., Nov. 18, 2019 (GLOBE NEWSWIRE) -- Stein Mart (NASDAQ: SMRT) today announced it has launched a fine jewelry department in 51 stores and online, as well as a key item fine jewelry program in all stores. This news follows the company’s announcement of its new Kids de...

Find out more SMRT - Stein Mart Introduces Fine Jewelry

[whytestocks]

News: $SMRT Stein Mart, Inc. Reports Second Quarter Fiscal 2019 Results

Operating income of $0.2 million in the second quarter of 2019 compared to $2.0 million in 2018 Net loss of $2.1 million, or $0.04 per share in the second quarter of 2019 compared to net loss of $1.0 million, or $0.02 per share in 2018 Outstanding debt reduced $36.8 million compared to ...

Read the whole news Stein Mart, Inc. Reports Second Quarter Fiscal 2019 Results

[whytestocks]

News: $SMRT Stein Mart, Inc. Announces Results of Annual Meeting of Shareholders

JACKSONVILLE, Fla., June 25, 2019 (GLOBE NEWSWIRE) -- Stein Mart, Inc. (NASDAQ: SMRT) today announced shareholder voting results for its 2019 Annual Meeting of Shareholders. Approximately 91.4 percent of all outstanding shares were present or represented by proxy at the meeting. Sharehol...

In case you are interested https://marketwirenews.com/news-releases/stein-mart-inc-announces-results-of-annual-meeting-of-shareholders-8413434.html

[TFMG]

$SMRT 45% JUMP TODAY ON AMAZON PARTNERSHIP

Stein Mart Inc . stock soared 45% in Tuesday trading after the off-price retailer announced that it will install Amazon Hub Lockers in nearly 200 stores in 28 states. Amazon Lockers are found in various other locations including NYSE:KSS . This is a superb opportunity to increase footfall into the stores without any marketing expenses. It is also interesting to see the option activity with a high quantity of $2 call traded, this is indeed very bullish , options are often a very good read on what is ahead.
For a safe entry point it is advisable to wait for a break above the 200 day MA and the downtrend line(blue).

[reflections311]

i think the earnings was good.yes sales went down a little but the debt was reduced by 29%.along with the news yesterday to get more people in the stores.a buy and hold for the rest of the year.

[whytestocks]

News: $SMRT Stein Mart, Inc. Reports First Quarter Fiscal 2019 Results

Net income of $4.0 million, or $0.08 per share in the first quarter of 2019 compared to $7.3 million, or $0.16 per share in 2018 Outstanding debt $55.6 million lower compared to end of first quarter of 2018 Comparable sales decreased 1.7% JACKSONVILLE, Fla., May 22, 2019 (GLOBE NEWSWI...

Got this from https://marketwirenews.com/news-releases/stein-mart-inc-reports-first-quarter-fiscal-2019-results-8228470.html

[ClayTrader]

* * $SMRT Video Chart 05-21-2019 * *

Link to Video - click here to watch the technical chart video

[whytestocks]

News: $SMRT Stein Mart Launches In-Store Package Pickup and Returns with Amazon Hub Locker

JACKSONVILLE, Fla., May 21, 2019 (GLOBE NEWSWIRE) -- Stein Mart (NASDAQ: SMRT) today announced that it is installing Amazon Hub Lockers in nearly 200 of its stores across 28 states. Amazon Hub Lockers are secure, self-service kiosks that provide customers of the online retailer an alternati...

In case you are interested https://marketwirenews.com/news-releases/stein-mart-launches-in-store-package-pickup-and-returns-with-amazon-hub-locker-8222580.html

[whytestocks]

News: $SMRT Stein Mart Supports 4th Annual Military Spouse Night Out

JACKSONVILLE, Fla., April 18, 2019 (GLOBE NEWSWIRE) -- Stein Mart, Inc. (NASDAQ: SMRT) announced today that they are gifting over 1,000 dresses to this year’s Military Spouse Night Out being held at the VyStar Veteran’s Memorial Arena on Thursday, April 25 from 5:00 to 8:00 p....

Find out more https://marketwirenews.com/news-releases/stein-mart-supports-4th-annual-military-spouse-night-out-8025424.html

[Briboy]

Are you still in SMRT jade77 ?

Nice uptick today, over 7%
Real nice if she lasts.

I'm in the red on Stein Mart, so
good news on retail stocks would
be nice post Valentines Day.

Best of luck

Briboy

[cottonmather]

Increasing probability https://stockcharts.com/public/1164099 05 1001 SMRT

[Briboy]

Yesterday was good, until afternoon session

I want today to look better, but things
are starting out pre-open looking like
we might not ever get a high over $1.70

Briboy

[jade77]

Wrong board!

[jade77]

Are we ever gonna move again?

[Grandmasters]

SMRT $2.85

blast north soon. Do your own DD!

[ClayTrader]

* * $SMRT Video Chart 05-15-18 * *

Link to Video - click here to watch the technical chart video

[ClayTrader]

* * $SMRT Video Chart 05-11-18 * *

Link to Video - click here to watch the technical chart video

[ClayTrader]

* * $SMRT Video Chart 04-10-18 * *

Link to Video - click here to watch the technical chart video

[ImBankinIt]

Patience pays off.

[$treet $inatra]

that's right, favorite songs $SMRT beautiful run $$$$

[stocktrademan]

$SMRT chart so far so good!

[ClayTrader]

* * $SMRT Video Chart 03-15-18 * *

Link to Video - click here to watch the technical chart video

[$treet $inatra]

Gap UP, closing above MA200?

[MinkWhale]

Hopefully a good close

[cjstocksup]

IMO SMRT should run strong into the close. We are the top Nasdaq gainer and we are the only small cap one down here. Everyone loves to play these with low floats. these dips are stop loss sell orders.

[MinkWhale]

Any closing thoughts or is this done

[stocktrademan]

SMRT buy 1.3200



















normal chart




log chart

[europtiger]

Got 1,51

[cjstocksup]

Read the earnings report from afterhours yesterday.

[Pushmonkey]

Y the big push this morning I didn’t see any news

[cjstocksup]

SWEET$$$

[ClayTrader]

* * $SMRT Video Chart 02-16-18 * *

Link to Video - click here to watch the technical chart video

[conix]

And to think I just got a Stein Mart card

[flinthill1077]

Picked up 10k at .75....let’s see where this goes...

[willlbone]

Dilution

[ImBankinIt]

Still looking real good! imo