Zale Corp.’s former chairman and chief executive, Robert J. DiNicola, filed an arbitration claim Tuesday, saying that the Irving-based jewelry retailer owes him $1.32 million in moving expenses, The Dallas Morning News reports.
DiNicola, was chairman and chief executive officer of Zale twice, including in the 1990s, where he is credited with turning the company around after it excited from bankruptcy.
He returned a second time at the board’s request in 2001 as chairman and CEO after his successor stepped down. He was chairman until 2004 and after than became a consultant to Zale under a new agreement that he said included Zale’s payment of his moving expenses, the newspaper reports.
DiNicola is now chairman and CEO of New Jersey-based Linens ‘n Things Inc.
Linens ‘n Things said in a Securities and Exchange Commission filing last month that DiNicola is “required to take all reasonable steps necessary to seek reimbursement” from Zale of any of the relocation expenses it’s obligated to pay, the newspaper reports.
Linens ‘n Things has advanced the funds until Mr. DiNicola is reimbursed by Zale, Ron Gaswirth, DiNicola’s attorney in Dallas, reportedly said.
Last summer, DiNicola moved from Dallas to New York, the newspaper reports. The $1.32 million in moving expenses include real estate commissions and fees on a $2.5 million home he sold and a $14.5 million brownstone purchased in Manhattan.Follow JCK on Instagram: @jckmagazine
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