Stein Mart 2010 Annual Report Download - page 10

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8
ITEM 2. PROPERTIES
Stores
The following table summarizes our store count activity during the last three years:
2010 2009 2008
Stores at beginning of year 267 276 280
Stores opened during the year 2 2 6
Stores closed during the year (5) (11) (10)
Stores at end of year 264 267 276
As of January 29, 2011, our stores operated in the following 29 states and the District of Columbia:
State Number of Stores
State Number of Stores
Alabama 9 Missouri 3
Arizona 9 Nevada 4
Arkansas 2 New Jersey 5
California 19 New York 3
Colorado 2 North Carolina 20
Florida 45 Ohio 10
Georgia 13 Oklahoma 4
Illinois 5 Pennsylvania 4
Indiana 7 South Carolina
11
Kansas 2 Tennessee 13
Kentucky 2 Texas 42
Louisiana 8 Utah 1
Massachusetts 1 Virginia 11
Michigan 1 Washington DC 1
Mississippi 6 Wisconsin 1
We lease all of our store locations, generally for 10 years with options to extend the lease term for two or more 5-year periods. We
have the right to terminate some of these leases before the expiration date under specified circumstances and some with specified
termination payments. Most of our leases provide for fixed minimum rents, as well as contingent amounts based on a percentage of
sales in excess of specified levels. We also lease our 107,000 square foot corporate headquarters and a 92,000 square foot
distribution/warehouse facility used to hold and process a limited amount of merchandise (approximately three percent of our
merchandise on a dollar basis), both in Jacksonville, FL.
As of January 29, 2011, the current terms of our store leases (assuming we exercise all lease renewal options) were as follows:
Years Lease Term Expire
Number of Leases
Expiring (a)
2011 4
2012-2015 17
2016-2020 18
2021-2025 72
2026 and later 162
(a) Includes leases for the 264 store locations operated at January 29, 2011, seven leases for previously closed store locations which we have
subleased or are actively seeking to sublease and two leases for stores being relocated in 2011.
ITEM 3. LEGAL PROCEEDINGS
We are involved in various routine legal proceedings incidental to the conduct of our business. Management, based upon the advice
of outside legal counsel, does not believe that any of these legal proceedings will have a material adverse effect on our financial
condition, results of operations or cash flows.
ITEM 4. RESERVED