Stein Mart’s plan to go private has been derailed by the COVID-19 pandemic.The off-pricer retailer and Kingswood Capital Management have mutually agreed to terminate their Stein Mart’s board directors on a special committee voted to terminate the merger agreement 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," the company said in a press release.Under the terms of the deal, an affiliate of Kingswood agreed to buy all shares of Stein Mart not controlled by company chairman Jay Stein and related investors. 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. 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 (SMRT) and Kingswood Capital Management mutually terminate their merger agreement. As reported, Stein Mart on Wednesday launched a store closing and liquidation process as part of the filing.
Merger Arbitrage Mondays - 7 Deals Close But Spreads Remain Wide Apr. Stein Mart’s plan to go private has been derailed by the COVID-19 pandemic.
ET The termination was approved by the Stein Mart … "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)." Why Pulse Ratings The termination was approved by the Stein Mart board.The deal was pulled in response to the unpredictable economic conditions resulting from the global health crisis caused by the coronavirus 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.Neither party will be required to pay the other a termination fee as a result of the mutual decision to terminate the agreement. Find 4 listings related to Stein Mart in Southfield on YP.com. Sales were significantly impacted, the company said.
Navigation 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. 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. 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 merger called off Apr. 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. Copyright © 2020 Jacksonville-based Stein Mart is planning to close most, if not all, of its stores following a Chapter 11 bankruptcy filing, the company said on Wednesday.The discount retail clothing store said in court documents that the COVID-19 pandemic ultimately pushed it over the edge, although its sales have been declining for years because of the growing market share of Things again took a turn for the worse when COVID-19 cases started to rise in Texas, California and Arizona — the states where the company has the biggest brick-and-mortar presence.
ET on Seeking Alpha. Under the … Press Release Stein Mart and Kingswood Announce Mutual Termination of Merger Agreement Published: April 16, 2020 at 5:15 p.m. 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. See reviews, photos, directions, phone numbers and more for Stein Mart locations in Southfield, MI. The company is evaluating any and all strategic alternatives, including the potential sale of its e-commerce business and related intellectual property. 16, 2020 at 4:22 p.m. Pulse Ratings can help reduce investment losses and bad debt write-offs. The Stein Mart Board of Directors recommends that Stein Mart’s shareholders vote to adopt and approve the merger agreement. But when the coronavirus pandemic hit, Stein Mart and Kingswood mutually agreed to terminate their merger agreement on April 16.
ET The termination was approved by the Stein Mart … "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)." Why Pulse Ratings The termination was approved by the Stein Mart board.The deal was pulled in response to the unpredictable economic conditions resulting from the global health crisis caused by the coronavirus 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.Neither party will be required to pay the other a termination fee as a result of the mutual decision to terminate the agreement. Find 4 listings related to Stein Mart in Southfield on YP.com. Sales were significantly impacted, the company said.
Navigation 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. 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. 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 merger called off Apr. 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. Copyright © 2020 Jacksonville-based Stein Mart is planning to close most, if not all, of its stores following a Chapter 11 bankruptcy filing, the company said on Wednesday.The discount retail clothing store said in court documents that the COVID-19 pandemic ultimately pushed it over the edge, although its sales have been declining for years because of the growing market share of Things again took a turn for the worse when COVID-19 cases started to rise in Texas, California and Arizona — the states where the company has the biggest brick-and-mortar presence.
ET on Seeking Alpha. Under the … Press Release Stein Mart and Kingswood Announce Mutual Termination of Merger Agreement Published: April 16, 2020 at 5:15 p.m. 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. See reviews, photos, directions, phone numbers and more for Stein Mart locations in Southfield, MI. The company is evaluating any and all strategic alternatives, including the potential sale of its e-commerce business and related intellectual property. 16, 2020 at 4:22 p.m. Pulse Ratings can help reduce investment losses and bad debt write-offs. The Stein Mart Board of Directors recommends that Stein Mart’s shareholders vote to adopt and approve the merger agreement. But when the coronavirus pandemic hit, Stein Mart and Kingswood mutually agreed to terminate their merger agreement on April 16.