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Stein Mart Cutting 200 Jobs

JACKSONVILLE, FL-The layoffs are intended to cut expenses after a 9% December sales loss.

By Carl Cronan | Updated on January 08, 2009

(Carl Cronan is editor of Real Estate Florida.)

JACKSONVILLE, FL-Locally based Stein Mart Inc. says it plans to cut at least 200 jobs in an effort to scale down expenses, particularly after posting weaker sales in December and for its fiscal year to date. The discount department store chain posted 9% lower sales during the five-week holiday shopping period compared with a year earlier, saying Florida and the Southeast showed continued weakness.

Stein Mart will eliminate 178 store positions by reducing the number of assistant managers at each store from two to one, while also cutting 31 field and corporate jobs, including 12 at its Jacksonville headquarters. All remaining management will see their salaries reduced by 5%, with corporate matching for 401(k) and deferred compensation plans also being suspended.

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