STEIN MART, INC. (NASDAQ:SMRT) Files An 8-K Entry into a Material Definitive AgreementItem 1.01
On March7, 2018, Stein Mart, Inc. (the “Company”) executed an amendment to the promissory note originally entered on February2, 2018 (the “Amendment”) under which SunTrust Bank (the “Trustee”) in its capacity as the trustee under a trust agreement (the “Trust Agreement”) dated September1, 1999 has extended the maturity date from April1, 2018 to July1, 2018. There were no further amendments to the original promissory note.
| Item 1.01 | CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN OFF-BALANCE SHEET ARRANGEMENT OF A REGISTRANT |
See discussion in Item 1.01.
About STEIN MART, INC. (NASDAQ:SMRT)
Stein Mart, Inc. is a national retailer offering the fashion merchandise, service and presentation of a department or specialty store. The Company offers apparel for women and men, as well as accessories, shoes and home fashions. The Company’s target customers are women over 45 years old. The Company operates approximately 280 stores in over 30 states and an Internet store. Its stores are located in the Northeast, Midwest, Southeast, Texas and the Southwest. It is concentrated in the Southeast and Texas where over 180 of its stores are located. The Company’s stores offer a range of services, such as merchandise locator service, a Preferred Customer program, co-branded and private label credit card programs, and electronic gift cards. The Company’s merchants purchase products from approximately 1,200 vendors. It leases all of its store locations, generally for approximately 10 years with options to extend the lease term for over two or five year periods.