FINANCE

Stein Mart granted OK for continued Nasdaq listing

BY Katherine Boccaccio

Jacksonville, Fla. — Stein Mart said Wednesday that it has been granted approval to continue its listing on the Nasdaq stock market while it works to secure full compliance with listing requirements.

According to Stein Mart, a panel gave the retailer a thumbs-up to continue the listing, and Nasdaq has given Stein Mart until August to comply with all applicable requirements for continued listing on the exchange.

Stein Mart previously disclosed that it did not file its 2012 second quarter and third quarter financial results on time because it’s still in the process of restating some prior financial statements.

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REAL ESTATE

Upscale Maryland outlet center on the boards

BY Katherine Boccaccio

Clarksburg, Md. — Tanger Factory Outlet Centers and Peterson Cos. said Wednesday that the pair will develop an upscale outlet center in Clarksburg, Md.

The new outlet center, currently in the pre-development stage, will be branded as Tanger Outlets and located 27 miles northwest of Washington, D.C. and 36 miles west of Baltimore.

"This partnership with Peterson Cos. is strategically designed to deliver a world-class outlet center to this exciting Mid-Atlantic market,” said Steven B. Tanger , president and CEO, Tanger Factory Outlet Centers.

The announcement of the latest Tanger Outlets follows the two companies’ groundbreaking and ongoing development of Tanger Outlets National Harbor scheduled to open for holiday 2013.

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FINANCE

Fairway raises $177.5 million in IPO

BY Katherine Boccaccio

New York — Fairway Group Holdings Corp., operator of the Fairway Market grocery chain, said Wednesday that it raised $177.5 million in its initial public offering after pricing the shares above the marketed range.

Fairway sold 13.65 million shares for $13 each, according to data compiled by Bloomberg, after offering them for $10 to $12. At the offering price, the company has a market value of about $536 million.

The shares, which represent a 33% stake, will be listed on the Nasdaq Stock Market under the symbol FWM.

Fairway Market started as a small neighborhood market in the 1930s, and today has 12 locations with a potential, it said, for more than 300.

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