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Jax Daily Record Tuesday, Sep. 22, 202009:10 AM EST

Stein Mart operates at a profit in its first 17 days of bankruptcy

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The Jacksonville-based fashion retailer recorded net income of $20.6 million from Aug. 12-29.
by: Mark Basch Contributing Writer

After big losses sent Stein Mart Inc. into Chapter 11 bankruptcy, the Jacksonville-based fashion retailer operated with a profit in the first 2 1/2 weeks after the filing.

According to a monthly operating report filed in bankruptcy court on Sept. 21, Stein Mart recorded net income of $20.6 million between Aug. 12 and Aug. 29.

Stein Mart filed its Chapter 11 petition Aug. 12 in U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division.

Stein Mart said after the Chapter 11 filing it expects to wind down its business and close all of its stores.

The company had revenue of $95.8 million in the 17-day period as it began going-out-of-business sales at its store network.

Stein Mart closed two stores in August, leaving it with 279 locations.

For the seven-month period ended Aug. 29, Stein Mart had revenue of $431 million and a net loss of $105 million.

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