Stein Mart Inc. registration statement declared effective

Business Wire, Sept 17, 1996

JACKSONVILLE, Fla.--(BUSINESS WIRE)--Sept. 17, 1996--Stein Mart Inc. (NASDAQ:SMRT) announced Tuesday that its registration statement filed with the Securities and Exchange Commission on Aug. 27, 1996, has been declared effective by the SEC.

The secondary offering has been increased to 3,850,000 shares and has been priced at $21.75 per share. The offering is comprised of shares controlled by Jay Stein, the company's chairman and chief executive officer, and shares beneficially owned by John H. Williams Jr., the company's president and chief operating officer. Stein and Williams will continue to control nearly 42% of Stein Mart's outstanding stock after the closing.

The company will not receive any proceeds from the sale of the shares. J.C. Bradford & Co., NatWest Securities Limited and Wasserstein Perella Securities Inc. are the managing underwriters for the offering.

Based in Jacksonville, Stein Mart Inc. is a 111-store retail chain offering the merchandise, service and presentation of traditional department and fine specialty stores at prices typically 25 to 60 percent below those regularly charged by such stores.

Prospectuses for the offering may be obtained from J.C. Bradford & Co., 330 Commerce Street, Nashville, Tenn. 37201.

CONTACT: Stein Mart Inc., Jacksonville

Susan Datz Edelman, Director

Stockholder Relations, 904/346-1506