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Jax Daily Record Wednesday, Aug. 12, 202005:50 PM EST

Stein Mart lead independent director: Chapter 11 bankruptcy was ‘an extremely difficult decision’

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Richard Sisisky said its stores were “beloved by the customers.”

Jacksonville-based Stein Mart Inc.’s lead independent director issued a statement on behalf of the board Aug. 12 after the discount fashion retailer filed for Chapter 11 bankruptcy.

Richard Sisisky

“This was an extremely difficult decision for the Company and those of us who serve as Stein Mart’s Board of Directors,” said Richard Sisisky, the lead independent director of the nine-member board.

“Stein Mart is a treasure in the Jacksonville area. Its corporate headquarters made a significant impact on our community by providing employment to more than 500 people and contributing to many local charities,” he said in the statement emailed Aug. 12.

“Its stores were beloved by the customers who live in the neighborhoods we served for generations,” he said.

The company said it expects to close a significant portion, if not all, of its 281 brick-and-mortar stores in 30 states and has launched a store closing and liquidation process. 

There are six stores in Northeast Florida. 

Sisisky, a director since 2003, is president of The Shircliff & Sisisky Company, a partner in SilverSolutions Consulting LLC and former president, chief operating officer and director of ParkerVision Inc.

Stein Mart filed for Chapter 11 in the U.S. Bankruptcy Court for the Middle District of Florida Jacksonville Division.

 

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