ITEM 1.03 BANKRUPTCY OR RECEIVERSHIP. On August 12, 2020, Stein Mart, Inc. (the "Company") and each of its subsidiaries, 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 Company continues to operate its business as a debtor-in-possession under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and the orders of the Bankruptcy Court. To ensure their ability to continue operating in the ordinary course of business, the Company has filed with the Bankruptcy Court motions seeking a variety of "first-day" relief, including authority to pay employee wages and benefits, and pay vendors and suppliers in the ordinary course for all goods and services provided after the petition date and the use of cash collateral. In addition, the Company entered into an agreement with Hilco Merchant Resources, LLC, Gordon Brothers Retail Partners, LLC, Great American Group, LLC, Tiger Capital Group, LLC and SB360 Capital Partners, LLC for purposes of conducting liquidation sales at substantially all of the Company's stores, which agreement is subject to Bankruptcy Court approval.




ITEM 2.04 TRIGGERING EVENTS THAT ACCELERATE OR INCREASE A DIRECT FINANCIAL
OBLIGATION OR AN OBLIGATION UNDER AN OFF-BALANCE SHEET ARRANGEMENT.
The Bankruptcy filing described in Item 1.03 above constituted an event of
default or otherwise triggered or may trigger repayment obligations under a
number of instruments and agreements relating to direct and indirect financial
obligations of the Company:
•$240.0 million senior secured revolving credit facility with Wells Fargo Bank;
•Term Loan Credit Agreement with Gordon Brothers Finance Company, as
administrative agent, and Gordon Brothers Finance Company, LLC, as lender, with
respect to approximately $35.0 million; and
•Various promissory notes totaling approximately $20.7 million.
The Company believes that any efforts to enforce the payment or other
obligations under these instruments are stayed as a result of the Bankruptcy
filing.

ITEM 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS. Effective August 11, 2020, in connection with the Bankruptcy filing, the Company terminated MaryAnne Morin as the President of the Company. Ms. Morin remains a member of the Company's Board of Directors. In addition, in connection with the Bankruptcy filing, the Company eliminated the prior temporary 20 percent salary reduction for its executive management.

ITEM 7.01 REGULATION FD DISCLOSURE. A copy of the press release dated August 12, 2020 issued by the Company is attached hereto as Exhibit 99.1 and is incorporated herein by reference. The information set forth in Item 7.01 of this Form 8-K is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of such section. The information in Item 7.01 of this Form 8-K shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any incorporation by reference language in any such filing.




ITEM 8.01 OTHER EVENTS.
Cancellation of Annual Meeting
The Company previously disclosed that it intended to hold its Annual Meeting of
Shareholders (the "Annual Meeting") on September 1, 2020. In consideration of
the Bankruptcy filing, the Company has determined to cancel the Annual Meeting.

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Cautionary Note Regarding Stein Mart's Common Stock
The Company cautions that trading in the Company's securities during the
pendency of the Bankruptcy is highly speculative and poses substantial risks.
Trading prices for the Company's securities may bear little or no relationship
to the actual recovery, if any, by the holders of the Company's securities in
the Chapter 11 Cases. The Bankruptcy will likely result in holders of our
securities receiving no value for their interests.
FORWARD-LOOKING STATEMENTS.
This Form 8-K contains statements that constitute forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995. The
matters discussed herein include statements regarding the intent, belief or
current expectations of the Company, its directors or its officers with respect
to the future operating performance of the Company and its asset utilization.
Investors are cautioned that any such forward looking statements are not
guarantees of future performance and involve risks and uncertainties, and that
actual results may differ materially from those in the forward looking
statements as a result of various factors.
The Bankruptcy will likely result in holders of our liabilities and/or
securities receiving no value for their interests. Because of such
possibilities, the value of these liabilities and/or securities is highly
speculative and will pose 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 Case. Accordingly, the Company urges
extreme caution with respect to existing and future investments in its common
stock. Caution should be taken not to place undue reliance on our
forward-looking statements, which represent our view only as of the date hereof,
and which we assume no obligation to update.


ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
(d) Exhibits
  99.1           Press Release Dated August 12, 2020.

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