Sentinel staff report– Store-wide sales are underway at the Stein Mart store in the Marketplace at Birdcage shopping center, as the location prepares for closure.
“Everything must go” signage could be seen inside the store on Saturday, notifying customers that all merchandise will be rung up at 20% off the ticketed price. The 33,000-square-foot store offers discounted clothing, home decor and other accessories.
Stock prices for Stein Mart, Inc., have steadily declined in recent years, peaking at just over $16 in 2015, but for the past eight months shares have been trading at under $1.
The company’s director of external communications and investor relations, Linda Tasseff, was quoted in a Jan. 3 article in the Sacramento Business Journal saying the Citrus Heights store was “not meeting our expectations.” She said the store is scheduled to close by the end of February.
The Citrus Heights location opened at 6130 Birdcage Centre Lane in October 2014, as part of an expansion effort that included two other stores opening in the region and more nationwide. Stores in Rocklin, Folsom and Elk Grove remain open.
Stein Mart was founded in 1902 and currently has 283 stores in 30 states, with more than 5,000 full-time employees, according to Yahoo Finance.