DESTINATION XL GROUP, INC. (NASDAQ:DXLG) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
As previously disclosed, to the terms of the Transition Agreement between Destination XL Group, Inc. (the “Company”) and David A. Levin, dated as of March 20, 2018, as amended (the “Transition Agreement”), on January 1, 2019, Mr. Levin resigned as President, Chief Executive Officer and as a director of the Company.
Because no successor CEO of the Company commenced employment as of January 1, 2019, to the terms of the previously disclosed letter agreement dated November 27, 2018 between the Company and Mr. Levin, Mr. Levin now serves as the Company’s acting CEO and, as such, its principal executive officer through the earliest to occur of: (i) April 30, 2019 (subject to an extension by the Company on the same terms through no later than June 30, 2019); (ii) the date that a successor CEO commences employment or (iii) termination of his employment by the Company.As compensation for serving as acting CEO, Mr. Levin will receive $200,000 per month but in no event less than $800,000.Biographical information for Mr. Levin is incorporated by reference to the Company’s Amendment No. 1 to its Annual Report on Form 10−K for the fiscal year ended February 3, 2018 filed with the Securities and Exchange Commission on June 4, 2018.
About DESTINATION XL GROUP, INC. (NASDAQ:DXLG)
Destination XL Group, Inc. is a specialty retailer of men’s apparel with retail and direct operations in the United States and London, England. The Company operates through the Big & Tall Men’s Apparel segment. The Company operates under the trade names of Destination XL, DXL, Casual Male XL, Casual Male XL outlets, DXL outlets, Rochester Clothing, ShoesXL and LivingXL. The Company operates approximately 170 Destination XL stores, 125 Casual Male XL retail stores, 40 Casual Male XL outlet stores, nine DXL outlet stores and five Rochester Clothing stores. Its direct business includes its DestinationXL.com and bigandtall.com e-commerce sites, which support its stores, brands and product extensions. Through its multiple brands, which include both branded apparel and private-label, the Company offers a range of merchandise. The Company carries various designer brands, including Cole Haan, Allen Edmonds, Timberland, Calvin Klein, Lacoste, Donald J. Pliner and Bruno Magli.
