Living large…

December 9, 2003

Casual Male (CMRG) , the retailer that focuses on the big and tall men’s market, has an interesting little disclosure in its 10-Q filed earlier today. For the past few years, it has had a consulting contract with Jewelcor Inc., a company controlled by its Chairman, Seymour Holtzman. For unspecified consulting services — the contract between Casual Male and Jewelcor is a scant one page — Jewelcor received $276,000 worth of stock in Casual Male in fiscal 2002 and 2003. For fiscal 2004, the seven-member board increased the fee to $326,000 and tacked on a $150,000 cash bonus, although it’s not clear from the filings what the bonus is for. The contract was also extended to 2006. Holtzman has been a director since 2000 and Casual Male’s own proxy material identifies him as a “well-known shareholder activist.” Indeed, according to this story in the Philly Inquirer , Holtzman most recently questioned executive salaries at First Penn Bank.

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