Off-price fashion retailer Stein Mart has assembled a “special committee” in a bid to explore all opportunities to improve the company’s operating performance and identify potential strategic alternatives.
The Jacksonville, Florida, based retailer has retained PJ Solomon as its investment banking and financial advisor and had previously engaged business turnaround specialist Alvarez & Marsal to review its operations for performance enhancements.
“Given the continuing challenges of the retail environment, it is prudent for us to review our strategic options while focusing on ways to improve our business,” says CEO Hunt Hawkins, who was appointed to the position last year.
Stein Mart says it has not set a timetable for completion of this process and adds it does not intend to disclose further developments unless and until the special committee, which has been appointed by the company’s board of directors, together with management, has approved a specific transaction or otherwise determined that disclosure is appropriate.
