DSW Inc. said its shareholders approved a 2-for-1 stock split of DSW's common shares, along with approving an increase in the number of Class A common shares authorized for issuance.
The company plans to effect the stock split on Nov. 2, 2013, by filing an amendment to its articles of incorporation. Each shareholder of record on the effective date will receive one additional Class A common share for each Class A and Class B common share then held, without any further action on the part of DSW's shareholders. Shareholders do not need to exchange existing share certificates and will receive additional shares as a result of the stock split on November 4, 2013, through the direct registration system.
Upon completion of the stock split, DSW will have approximately 90.4 million common shares outstanding, comprised of approximately 82.5 million Class A common shares and 7.9 million Class B common shares.
As of Oct. 24, DSW operates 393 Designer Shoe Warehouse stores in 42 states, the District of Columbia and Puerto Rico, and operates an e-commerce site, http://www.dsw.com, and a mobile website, http://m.dsw.com. DSW also supplies footwear to 357 leased locations in the United States under the Affiliated Business Group.