Stein Mart Extends Credit Card Program with GE Capital Retail Finance | GE News (2024)

Multi-year renewal will focus on expanding current program to drive sales and customer loyalty for Stein Mart

STAMFORD, Conn.and JACKSONVILLE, Fla - October 14, 2011 -- Fashion retailer Stein Mart, Inc. (NASDAQ: SMRT) and GE Capital's Retail Finance business, a consumer lending unit of General Electric Company (NYSE: GE), have announced the multi-year renewal of the Stein Mart co-branded credit card program for Stein Mart's 260 stores located throughout the United States.

Expanding on their relationship that began in 2006, GE Capital Retail Finance will continue to offer card programs that Stein Mart customers value, with exclusive savings and added convenience. Stein Mart stores offer brand name and designer fashions for women, men and home at savings of up to 60 percent off department store prices every day, presented in a department store environment.

Plans with the new agreement include launching a private label Stein Mart credit card in early 2012 that will be integrated into the customer loyalty program to drive sales and customer engagement.

"We look forward to continuing our relationship with a team who has a proven track record of focusing on growth for our business. The GE Capital Retail Finance professionals work with us on what is important for Stein Mart, offering innovative programs our customers appreciate and that help us be more successful," stated Greg Kleffner, Chief Financial Officer of Stein Mart.

"We are pleased to be continuing our program with a brand that has a long-standing tradition of excellent value that customers appreciate. This also further demonstrates our ongoing commitment to provide targeted programs for our clients that help them reach their objectives," stated Margaret Keane, President and CEO, GE Capital Retail Finance.

About Stein Mart
Stein Mart stores offer the fashion merchandise, service and presentation of a better department or specialty store, at prices competitive with off-price retail chains. Currently with locations from California to Massachusetts, Stein Mart's focused assortment of merchandise features current season, moderate to better fashion apparel for women and men, as well as accessories, shoes and home fashions. To learn more, visit

About GE Capital Retail Finance
GE Capital's Retail Finance business is among the country's most successful retail lenders, with more than 75 years of experience in consumer financing. The business, which originates loans as a unit of GE Capital Retail Bank, provides credit card programs to retailers and consumers in the United States. This includes customized private label and bankcard credit programs to major retailers in the U.S., as well as private label credit card programs, promotional and installment lending, bankcards and financial services for consumers through dealers; national, regional and independent retailers; contractors; manufacturers; healthcare practices; and service providers across more than 20 retail segments including: automotive, appliances and consumer electronics, elective health care, floor covering, home design and improvement, home furnishings, jewelry, music, powersports, outdoor power equipment and sporting goods. For more information, follow company news via Twitter @GoGECapital.

GE Capital (NYSE: GE) is one of the world's largest providers of credit. For over one million businesses, large and small, GE Capital provides financing to purchase, lease and distribute equipment, as well as capital for real estate and corporate acquisitions, refinancings and restructurings. For our 100+ million consumer customers, GE Capital offers credit cards, retail sales finance programs, home, car and personal loans and credit insurance. For more information, visit or follow company news via Twitter @GECapital.

GE is a diversified infrastructure, finance and media company taking on the world's toughest challenges. From aircraft engines and power generation to financial services, health care solutions, and television programming, GE operates in more than 100 countries and employs about 300,000 people worldwide. For more information, visit the company's Web site at, and @GE_Reports.

For more information contact:

GE Capital Retail Finance
Dori Abel (203)585-6702 or [emailprotected]

Stein Mart
Nancy Murphy (904)346-1506 or [emailprotected]

SAFE HARBOR STATEMENT>>>>>>>Except for historical information contained herein, the statements in this release may be forward-looking, and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The Company does not assume any obligation to update or revise any forward-looking statements even if experience or future changes make it clear that projected results expressed or implied will not be realized. Forward-looking statements involve known and unknown risks and uncertainties that may cause Stein Mart's actual results in future periods to differ materially from forecasted or expected results. Those risks include, without limitation:

  • continued consumer sensitivity to economic conditions
  • on-going competition from other retailers
  • changing preferences in apparel
  • the effectiveness of advertising, marketing and promotional strategies
  • ability to negotiate acceptable lease terms with current landlords
  • ability to successfully implement strategies to exit under-performing stores
  • unanticipated weather conditions and unseasonable weather
  • adequate sources of merchandise at acceptable prices
  • the Company's ability to attract and retain qualified employees
  • disruption of the Company's distribution system
  • acts of terrorism

and the other risks and uncertainties described in the Company's filings with the Securities and Exchange Commission.

Dori Abel
GE Capital Retail Finance

business unit
Stein Mart Extends Credit Card Program with GE Capital Retail Finance | GE News (2024)


What happened to GE Capital Retail Bank? ›

GE Capital Retail Bank acquired MetLife Bank from MetLife in 2011. As of June 2, 2014, GE Capital Retail Bank is now known as Synchrony Bank. GE Capital was then composed only of the original commercial/industrial bank in the United States.

Where can I use my Stein Mart credit card? ›

They also receive advance e-mail notification of sales events, savings during their birthday month and all the benefits of the Stein Mart Preferred Customer Program. Holders of the Stein Mart Style MasterCard® are able to use the card anywhere MasterCard is accepted, in addition to Stein Mart stores.

What is the controversy with Synchrony Bank? ›

A new lawsuit against Synchrony Financial in Los Angeles County accuses the financial services company of installing tracking software to invade customers' privacy and track their browsing habits. This complaint was first surfaced by Radar.

Is Synchrony Bank owned by China? ›

More about Synchrony: Synchrony Bank is owned by Synchrony Financial, a Stamford, Connecticut-based consumer financial services company.

Is Stein Mart ever coming back? ›

In the agreement, REV receives Stein Mart's private-label brands, domain name and customer data. REV will use those assets to launch an online-only store in early 2021. The firm is co-owned by social media influencer Tai Lopez and Alex Mehr, the co-founder of online dating website Zoosk.

Is Stein Mart online only now? ›

Jacksonville, Florida, U.S. In August 2020, the company announced that it had filed for Chapter 11 bankruptcy due to the COVID-19 pandemic, and that it planned to close all of its 279 stores. Stein Mart continues to operate as an online retailer, which is not related to the former company.

What store is most like Stein Mart? ›

Stein Mart competitors include Burlington Industries, Marshalls, Macy's, Belk and Dillard's.

What is GE Capital called now? ›

Synchrony Financial (formerly GE Capital Retail Finance) offers private label and co-branded Dual Card credit cards, promotional financing and installment lending, loyalty programs and FDIC-insured savings products through Synchrony Bank.

Why did GE sell GE Capital? ›

Immelt had multiple reasons, but the primary underlying rationale for his decision to boot GE Capital was because it was named a nonbank systemically important financial institution — and his concern over the increased level of scrutiny and regulatory oversight that came with that designation.

What caused the downfall of GE? ›

Key Takeaways. Jack Welch transformed GE into a diversified stock market winner while, critics said, instilling a focus on short-term performance and financial engineering. GE's decline accelerated during the Great Recession, as the financial crisis revealed that it was overstretched.

Is Synchrony Bank owned by GE Capital? ›

*Note: On June 2, 2014, GE Capital Retail Bank changed its name to Synchrony Bank and is part of the GE Capital Retail Finance business.


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