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Retailer Stein Mart Hires Legal Adviser to Explore Its Options

Submitted by jhartgen@abi.org on

Discount department store operator Stein Mart Inc. has hired advisers to help it explore strategic alternatives as the chain continues to struggle, WSJ Pro Bankruptcy reported. The Jacksonville, Fla.-based retailer has hired Foley & Lardner LLP as its legal adviser, and the firm is also working with Alvarez & Marsal as its financial adviser. Stein Mart’s management also interviewed investment banks this week as it looks to possibly put the company up for sale. The retailer, which sells apparel and shoes, and home décor, was particularly hurt during the third quarter by Hurricanes Harvey and Irma because it has a third of its stores in Texas and Florida. Stein Mart said in public filings the company had to close more than half of its stores in these states during the hurricanes for multiple days, or had to reduce its hours of operation.