Monday, February 3, 2020

Stein Mart Inc. announces buyout agreement with private equity firm

Jacksonville Daily Record
With its stock price floundering as the company struggles to increase sales, Stein Mart Inc. agreed Jan. 31 to a buyout by a private equity firm.

The Jacksonville-based fashion retailer said Kingswood Capital Management L.P. agreed to buy all shares not controlled by Chairman Jay Stein.

Stein controlled 32% of the shares of the company, according to its most recent proxy statement. Under the agreement, an entity controlled by Stein will continue to own about one-third of the company.. . . more