When A.C. Moore Arts & Crafts Inc. announced on June 10 that its chief financial officer had resigned, the retailer said only that Marc Katz would be pursuing a "career opportunity in the private equity sector."
Thanks to a regulatory filing today, we know what that job is.
Katz has been named executive vice president and chief accounting officer of Burlington Coat Factory Warehouse Corp., the South Jersey-based retailer of outwear and other apparel. He joins the company July 9.
How is that a job in the private-equity industry?
Well, Burlington Coat was taken private in April 2006 by Bain Capital LLC in a deal valued at $2.1 billion. Based in Boston, Bain Capital is a big private equity and venture capital investor with more than $78 billion in assets under management.
Katz will earn a base salary of $400,000 and receive a "repair bonus" of $300,000. That's money to compensate Katz for bonuses being forfeited from A.C. Moore.
In addition, Katz is eligible to get a bonus of $200,000 for its fiscal year ended May 30, 2009.
At A.C. Moore, Katz earned cash compensation last year consisting of a base salary of $280,833 and a bonus of $42,500.
As for Burlington Coat, the retailer operates 379 stores under its parent company's name, 15 MJM Designer Shoes locations, two Cohoes Fashions and one Super Baby Depot. For the nine months ended March 1, the company narrowed its net loss to $442,000 from $9.01 million for the previous year.
On June 10, the company said net sales from continuing operations were $3.39 billion for its fiscal year ended May 31, compared with $3.40 billion.