TUESDAY January 19, 2021
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Daily Record JACKSONVILLE
THE MATHIS REPORT
Stein Mart has $15M or less for unsecured creditors
Daily ‘A PASSING OF AN Record ERA FOR US’ JACKSONVILLE
The retailer filed its plan for bankruptcy reorganization.
Daily Record Daily Record JACKSONVILLE
BY MARK BASCH CONTRIBUTING WRITER
JACKSONVILLE
Photos by Mike Mendenhall
Members of the Skinner family, with ceremonial shovels, take a group photo Jan 15 at the groundbreaking for “Seven Pines, A Legacy of Gathering.” The master-planned community involves 1,600 homes on land sold by the family at southeast Butler Boulevard and Interstate 295.
KAREN BRUNE MATHIS EDITOR
ICI Homes and David Weekley Homes break ground at the Southeast Quadrant, the Skinner family’s last big piece of undeveloped land in Jacksonville.
Dozens of members of the Skinner family gathered the morning of Jan. 15 for the groundbreaking on their last big piece of undeveloped property in Jacksonville at the Southeast Quadrant at Butler Boulevard and Interstate 295. “For the family, I think it’s kind of a passing of an era for us,” said A.C. “Chip” Skinner III, who spoke for the family at the event marking the start of the master-planned residential community, “Seven Pines, A Legacy of Gathering.” Homebuilders ICI Homes and David Weekley Homes bought 197 acres Dec. 23 and have the rights for about 560 of the Skinners’ total 1,063 acres of timberland at the quadrant. The builders will buy the land in three phases with the first coming online in 2022. A total of 1,600 homes is planned. “It signifies a legacy,” said Mori Hosseini, chairman and CEO of Daytona Beach-based ICI Homes.
A.C. “Chip” Skinner III speaks at the groundbreaking ceremony.
“Not only is the legacy of a family that had been here for 125 years, it is a legacy of a company that has been here more than 35 years in the Jacksonville market,” he
Stein Mart Inc. has enough money to pay off secured and priority claims, but it won’t be able to pay most of the $217 million to $421 million in remaining unsecured claims against the company, according to its Chapter 11 reorganization plan filed Jan. 15. The Jacksonville-based fashion retailer filed for Chapter 11 bankruptcy Aug. 12 in U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division. It immediately began goingout-of-business sales and closed the last of its 281 stores Oct. 26. Stein Mart’s disclosure statement with the reorganization plan said the company had about $16.6 million in cash at the end of October. The company expects to pay $1 million in remaining secured claims and $3 million to $12 million in priority claims, but it expects to have $15 million or less to pay off unsecured claims. The company’s only remaining substantial assets are its tax returns, which are projected to produce between $4 million and $10 million in refunds, it said. The disclosure statement said the Official Committee of Unsecured Creditors supports confirmation of the plan. No date has been scheduled for a confirmation hearing in bankruptcy court. Stein Mart had about 7,950 employees when it filed its Chapter 11 petition in August and about 20 at the beginning of December, including CEO Hunt Hawkins, the statement said. The remaining employees
SEE MATHIS, PAGE 2
SEE STEIN MART, PAGE 2
City issues permit for Seminole Building rooftop patio The city issued a permit Jan. 14 for the owners of the historic Seminole Building Downtown to build a rooftop patio on the third floor of the three-story building at 400 N. Hogan St. River City Contractors Inc. is the contractor for the $131,182 project that will create the patio on the roof above the second floor. Alex Sifakis, president of the ownership group, said Dec. 8 it should be completed in the first quarter. The deck previously was cosmetic. He said the patio will create about 800 square feet of outdoor space to complement the interior event space.
VOLUME 108, NO. 44 • ONE SECTION