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Securities registered pursuant to Section 12(b) of the Act:
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Common Stock, $0.01 par value
SMRT
The NASDAQ Capital Market
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ITEM
5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS
On March 31, 2020, Stein Mart, Inc. (“Stein Mart,” or the “Company”) issued a press release announcing that it is implementing significant actions to mitigate the ongoing impact of COVID-19 on its cash flow to protect its business and associates for the long-term. These actions include temporarily reducing the salaries of executive management by 20 percent and suspending the compensation of its Board of Directors. Further actions are detailed in Item 8.01 of this Form 8-K and the press release attached as Exhibit
99.1, which is incorporated herein by reference.
ITEM 8.01 OTHER EVENTS
In addition to the actions disclosed in Item 5.02 of this Form 8-K, the press release issued on March 31, 2020 announced additional actions taken by the Company related to the COVID-19 pandemic:
▪Extending the temporary closure of all stores beyond the previously announced March 31 date. As the situation continues to evolve rapidly, Stein Mart is not
currently able to predict when the stores will reopen.
▪Furloughing most store associates and a significant number of associates in its supply chain network and corporate offices.
▪Temporarily reducing the salaries of associates not furloughed.
▪Working with their vendors and landlords to negotiate temporary terms.
Pursuant
to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.