FINANCE

Stein Mart gets delisting notice from Nasdaq

BY Katherine Boccaccio

Jacksonville, Fla. — Stein Mart Inc. said Wednesday that it has been put on notice by the Nasdaq exchange because it did not file its third-quarter results by the deadline.

The retailer said it has been given 60 days to submit a plan to regain compliance, or it could be delisted from the Nasdaq exchange.

Last week, Stein Mart had to revise its quarterly financial results, attributing the change to a computer snafu. It said that improperly handled records related to a pending changeover in its electronic inventory system led it to miss recording permanent markdowns.

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OPERATIONS

Christopher & Banks names former Wet Seal and Wilsons Leather CEO as president

BY Katherine Boccaccio

Minneapolis — Christopher & Banks Corp. said Wednesday it has named Joel N. Waller as president for a one-year term, effective immediately. He will report to Larry Barenbaum, CEO.

Waller, who is charged with revitalizing the business and putting the company back on track to profitability, was most recently a consultant to various retail companies, including AM Retail Group, Inc./Wilsons Leather. He served as CEO of Wet Seal from 2005 to 2008, and as chairman and CEO of Wilsons Leather before that.

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OPERATIONS

Kohl’s expands Vera Wang partnership to juniors category

BY Katherine Boccaccio

Menomonee Falls, Wis. — Kohl’s Corp. said Wednesday that it has expanded its partnership with Vera Wang Group to launch Princess Vera Wang, a junior collection that will be sold exclusively by Kohl’s beginning August 2012.

The line will be available both in-store and online.

“When we first partnered with Vera Wang in 2007 to launch Simply Vera Vera Wang, there was immediate acceptance and strong response from our contemporary customer,” said Kevin Mansell, Kohl’s chairman, president and CEO. “We are confident bringing this level of fashion and quality to our junior’s business allows us to increase the value proposition to our younger shoppers and delivers on our commitment to offer world-class brands in each category.”

Kohl’s private label brands accounted for 52% of sales in the third quarter of 2011, up significantly from 2010. Since its 2007 launch, Simply Vera Vera Wang has been the leading exclusive brand in the women’s contemporary category, according to Kohl’s.

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