Stein Mart To Eliminate Corporate Office Workforce By 10%

(RTTNews) - Stein Mart Inc. (SMRT) said that it will eliminate its corporate office workforce by 10%, as part of ongoing cost cutting efforts. The company expects to cuts to save about $10 million pre-tax in 2018.

The job cuts are in addition to previously-announced cost-cutting measures, such as the suspension of the dividend announced in May, lowering inventories by 15% and cutting capital expenditures by $22 million.

"While we believe our sales-driving strategies are now taking hold, we are still in a very challenging retail environment. With this in mind, we are taking the necessary steps to better position our company for long-term success," said Hunt Hawkins, Chief Executive Officer.