FINANCE

Stein Mart receives non-compliance notice from Nasdaq

BY Katherine Boccaccio

Jacksonville, Fla. — Stein Mart said Thursday that it received a notice of non-compliance on Wednesday from Nasdaq; specifically the retailer has not filed its second-quarter report.

By rule, Stein Mart has 60 days to submit a plan to regain compliance.

The retailer cited the replacement of its legacy merchandise information system, which delayed accounting reconciliations. It said it will file within the prescribed 60-day time frame.

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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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