Home / Knowledge / News / Apparel/Garments / Body Central takes measures to reduce compensation expense
Body Central takes measures to reduce compensation expense
12
May '14
Body Central Corp. announces the measures taken by company to reduce compensation expense in fiscal year 2014.
 
On May 8, 2014, Body Central Corp. entered into amendments to its employment agreements with Brian Woolf, its Chief Executive Officer, and Thomas W. Stoltz, its Chief Operating Officer, Chief Financial Officer and Treasurer. Among other things, the Amendments provide that each of Mr. Woolf and Mr. Stoltz has agreed to voluntarily forgo certain compensation effective as of the current pay period until January 1, 2015. 
 
Pursuant to the Amendments, the salaries of Mr. Woolf and Mr. Stoltz will be reduced to $600,000 and $380,000, from $750,000 and $475,000, respectively. The Amendments provide that each of Mr. Woolf and Mr. Stoltz, if certain conditions are met, will regain the amount of compensation foregone as a result of the Amendments. 
 
The conditions include, among other things, a requirement that the Company achieve certain financial performance targets set by the Board of Directors (the "Board") during the second, third and fourth quarters of the 2014 fiscal year and a requirement that the Company receives an unqualified audit opinion (which does not express doubt about the Company's ability to continue as a going concern) from its independent auditors for the fiscal year 2014.
 
As described in our Form 14A filed with the United States Securities and Exchange Commission on April 4, 2014, our Board determined that an amendment to the Company's director compensation arrangements for the Company's 2014 fiscal year is reasonable and appropriate: (1) given that the Company is in the midst of a repositioning and turnaround, (2) after consideration to the current share price, and (3) to ensure the Company has a sufficient number of shares to adequately grant equity awards to key employees throughout the organization.  
 
The changes to the director compensation arrangements are effective as of May 8, 2014.  The material amendments include: (a) a reduction in the amount of the director's annual equity grants, from the $50,000 annual equity retainer formerly granted to each director in restricted shares, to an annual equity retainer of 12,500 restricted shares to each director, and (b) a reduction in the amount of the additional annual equity grants to the Chairman of the Board from the $25,000 annual target equity retainer formerly granted in restricted shares, to an annual equity retainer of 6,250 restricted shares.
 
About Body Central
Founded in 1972, Body Central Corp. is a multi-channel, specialty retailer offering on trend, quality apparel and accessories at value prices. As of April 30, 2014, the Company operated 280 specialty apparel stores in 28 states under the Body Central and Body Shop banners, as well as a direct business comprised of a Body Central catalog and an e-commerce website. The Company targets women in their late teens to mid-thirties from diverse cultural backgrounds who seek the latest fashions and a flattering fit. The Company's stores feature an assortment of tops, dresses, bottoms, jewelry, accessories and shoes sold primarily under the Company's exclusive Body Central and Lipstick Lingerie labels.
 

Body Central Corp

Must ReadView All

Courtesy: World Bank/ Harshad Marathe

Apparel/Garments | On 23rd Jul 2016

Rising wages in China to create 1.5 million jobs in S Asia

As wages in China continue to rise, global apparel production and...

Courtesy: 3ders.org

Apparel/Garments | On 23rd Jul 2016

Disney research creates 3D compiler for machine knitting

Introducing 3D technology to machine knitting, Disney Researchers...

Textiles | On 23rd Jul 2016

Telangana to frame new policy for textile industry

The Telangana state government will frame a new policy aimed at...

Interviews View All

Amit Jain
Shingora Textiles Ltd

‘In terms of fabric, the fastest growing category for us is a blend of...

Pinkesh Jain
Everflow Petrofils Ltd

‘An innovative technology which India needs desperately is the...

Karel Williams
Dow Microbial Control

'Silvadur is most rapidly adopted in areas where hygiene-conscious and...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
june 2016

F2F Magazine

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


Advanced Search