Daily Record Financial News &
Tuesday, January 30, 2018
Vol. 105, No. 052 • One Section
Stein Mart to ‘explore all opportunities’ as stock falls Stein Mart’s corporate headquarters at 1200 Riverplace Blvd.
www.jaxdailyrecord.com
McKesson to lease at Southside Quarter Company confirms it is “Project Milan,” will move 428 employees into new building.
Photo by Monty Zickuhr
ABOUT STEIN MART INC. Stein Mart is a retail department store offering clothing, accessories and home furnishings. Headquarters: Jacksonville CEO: Hunt Hawkins President: MaryAnne Morin Chairman of the board: Jay Stein
Feb. 27, 2017, 52 week high: $3.92
Struggling to rebuild sales, Jacksonville-based fashion retailer brings on investment adviser PJ Solomon. By Mark Basch Contributing Writer
Stein Mart’s yearlong stock plunge
Stein Mart Inc. said Monday it has “assembled a team to explore all opportunities to improve operating performance and identify potential strategic alternatives” as the Jacksonville-based company struggles to rebuild sales. The fashion retailer said there is no timetable for the process and did not give more details of the possible strategic moves. “Given the continuing challenges of the retail environment, it is prudent for us to review our strategic options while focusing on ways Stein Mart
continued on
Stores: 293 in 31 states. Florida and Texas have the most stores. Sales: $933.8 million for the first nine months of fiscal 2017, down 4.2 percent; sales were $1.36 billion in 2016. Employees: 293 corporate staff and 11,000 overall as of October. History: Founded in 1902 in Greenville, Mississippi, by Sam Stein, a Russian immigrant. Stein Mart became a public company in April 1992, trading on Nasdaq as SMRT.
Page 3
Friday’s close: $1.13
The retailer’s stock fell 36.3 percent Monday after The Wall Street Journal reported the Jacksonvillebased fashion retailer hired advisers to “explore strategic alternatives.”
Monday’s close: $0.72
Public
35¢
legal notices begin on page
6
Published
for
27,372
McKesson Corp. agreed to anchor the proposed Hines office building planned at Southside Quarter along Gate Parkway at southwest Interstate 295 and Butler Boulevard. Ho u s to n - ba se d Hines announced Monday that it will lease the four-story building to McKesson’s Medical-Surgical business. McKesson will lease the entire building, said Hines Senior Managing Director Lane Gardner. S i te wo rk will start in the spring and McKesson will move into the structure in the summer of Gardner 2019. Hines said the building will be designed with glass accent features and overlook a central lake in the mixed-use development. The building is designed by Rule Joy Trammel + Rubio of Atlanta. It will occupy about 7.8 acres. No contractor was announced and the construction cost was not disclosed. “McKesson’s new facility will include a modern workspace that promotes collaboration and wellness features for our employees,” said Michael Huaco, senior vice president and global head of real estate for McKesson. The office building, the first of two planned at Southside Quarter, will be developed at Gate Parkway and Commerce Village Drive. Gardner said Hines was “pleased to kick off the office component with a high-quality, Fortune 500 company.” McKesson Corp., based in San Francisco, bought Jacksonvillebased PSS World Medical Corp. in 2013 and continued to lease the PSS space in Southpoint. PSS distributed medical products and services to physicians and caregivers throughout the United States. McKesson Medical-Surgical, a McKesson operating unit, Mathis
continued on
Page 2
consecutive business days