Service Merchandise Co. (SVCDQ.OB) disclosed Wednesday that the January departure of two senior executives cost the struggling retailer almost $2 million in severance benefits. The company's SEC filing, which contained the severance information, also had a final tally on December financial results and a sketch of January's performance.

In early January, Service Merchandise said that its president and chief operating officer, Charles Septer, and the head of its jewelry unit, Rose Septer, had left the company. Mr. Septer was paid $1.7 million in severance and vacation benefits, while Ms. Septer took home in January more than $800,000, or which $248,000 was severance and vacation pay.

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