Jacksonville-based Stein Mart reviewing options after stock plunge

The future of the Jacksonville based department store chain Stein Mart is unclear after the stock plunged 36 percent Monday evening.

This happened after news surfaced the retailer was putting a team together to improve its performance.

The stock has fallen over 80 percent from over a year ago.

Stein Mart's price per share currently sits at 74 cents, NASDAQ.

Stein Mart CEO Hunt Hawkins said of the plunge: "Given the continuing challenges of the retail environment, it is prudent for us to review our strategic options while focusing on ways to improve our business."

Amazon and other online shopping options are a direct threat to the survival of brick-and-mortar stores.

More Than 100 Sears and Kmart Stores Closing More Than 100 Sears and Kmart Stores Closing

Big-box retailers such as Kmart, J.C. Penney and Sears are struggling to stay afloat, and Stein Mart joins their efforts to survive in the ever-changing world of commerce.

RELATED: 100 Kmart, Sears stores to close across the country

The company has no set timeline regarding when other details might be announced.

The company has about 11,000 employees with roughly 290 stores in 31 states, located in primarily the Southeastern United States.

Stein Mart was founded in 1902 and has been based in Jacksonville for over 30 years.

Cox Media Group