FINANCE

DSW awarded $7.2 million for credit card breach

BY Katherine Boccaccio

Columbus, Ohio — DSW Inc. said Thursday that it has been awarded $7.2 million as a result of litigation with its insurance carrier stemming from its credit card data breach in 2005.

The $7.2 million award represents damages plus accrued interest.

In other news, DSW has declared a special dividend totaling $91 million to be paid on Oct. 26 to shareholders. According to president and CEO Mike MacDonald, the special distribution, which is in addition to the regular dividend, represents “significant cash flow generation.”

The company also named James O’Donnell to its board. O’Donnell is the former CEO of American Eagle Outfitters.

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OPERATIONS

City Sports names CEO

BY Staff Writer

Boston — City Sports said Wednesday it has named Edward Albertian as president and CEO of the 21-store chain.

Albertian joins the company from Trans National Group, where he was president and CEO. He has also served as senior VP retail operations at Staples.

Albertian’s appointment follows the departure of City Sports’ previous president and CEO Jeff Connor, who resigned last month.

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News

Kohl’s walks the walk for juvenile diabetes cure

BY CSA STAFF

MENOMONEE FALLS, Wis. — Kohl’s Department Stores announced that in support of curing type one diabetes and improving the lives of local children, more than 1,300 Kohl’s associates, friends and family will take part in the JDRF Kohl’s Walk to Cure Diabetes on Sept. 15 at the Milwaukee County Zoo.

“Kohl’s is proud to support JDRF and take part in the 2012 JDRF Kohl’s Walk to Cure Diabetes,” said Julie Gardner, Kohl’s EVP and chief marketing officer. “As a company, Kohl’s is committed to kids health and education in the communities we serve. Our partnership with JDRF is one more illustration of our deep commitment to supporting the cause. The circus-themed JDRF Kohl’s Walk to Cure Diabetes will bring smiles to the young and young at heart and reinforce Kohl’s dedication to the organization.”

Since 1996, Kohl’s Department Stores has contributed more than $1.8 million to support JDRF. In 2010, Kohl’s Cares committed $100,000 annually to the foundation and became the title sponsor of the JDRF Kohl’s Walk to Cure Diabetes. In 2011, Kohl’s Department Stores had the largest corporate presence at the walk with more than 1,400 participants.

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