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Zumiez Overtime Settlement Increased to $2.1M

Washington, DC: Zumiez Inc has increased the settlement cost of a class action overtime lawsuit in California from $1.3 million to $2.1 million.

According to documents filed by the Securities and Exchange Commission, the Everett-based you apparel retailer said "the lawsuit is similar to numerous lawsuits filed against retailers and others with operations in California. Although the company believes that the allegations in the lawsuit lack merit, it has agreed to a mediator's proposal to settle the claims in the lawsuit to avoid significant legal fees, other expenses and management time that would have to be devoted to protracted litigation.

According to fourth-quarter earnings published by the company, the settlement increase means a jump in operating loss from last quarter's $2.1 million to $2.4 million. The company is reporting a net loss for the quarter of $1.2 million and reducing its diluted earnings per share by 4 cents.

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Last updated on Sep-7-10