ITEM 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS;
APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS.
On October 30, 2020, James B. Brown notified Stein Mart, Inc. (the "Company) of
his decision to resign from his position as Executive Vice President and Chief
Financial Officer to pursue another opportunity, effective immediately. Mr.
Brown's decision to resign is not related to any disagreement with the Company
or its auditors on any matter relating to the Company's operations, policies or
practices.
Cautionary Note Regarding the Company's Bankruptcy Proceedings
As previously disclosed, on August 12, 2020, the Company filed a voluntary
petition in the United States Bankruptcy Court for the Middle District of
Florida - Jacksonville Division seeking relief under the provisions of Chapter
11 of the United States Bankruptcy Code (the "Bankruptcy Code"). The Company's
case has been assigned the following case number, Case No. 3:20-bk-2387, by the
Bankruptcy Court.
The Bankruptcy will result in holders of the Company's common stock receiving no
value for their shares. Accordingly, trading in these securities is highly
speculative and poses substantial risks. Trading prices for the Company's common
stock may bear little or no relationship to the actual recovery, if any, by
holders thereof in the Bankruptcy. Court filings and other documents related to
the Bankruptcy process are available at https://cases.stretto.com/SteinMart.
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