Content about Associated Press

April 23, 2013
Wal-Mart Stores CEO Mike Duke received pay package in 2012 worth $20.7 million, up 14% from the previous year, according to an Associated Press analysis of a regulatory filing Monday. Duke's performance-based cash bonus jumped more than 50%.

New York -- Wal-Mart Stores CEO Mike Duke received pay package in 2012 worth $20.7 million, up 14% from the previous year, according to an Associated Press analysis of a regulatory filing Monday. Duke's performance-based cash bonus jumped more than 50%.

In the regulatory filing, Wal-Mart said that starting this year, it will tie some of Duke's compensation, along with that of other top executives, to the company's success in strengthening its compliance controls. Traditionally, compensation has been based on financial measures.

October 4, 2012

Apparel retailers and department stores reported monthly revenue results for September that were mixed, as Gap Inc. and Limited Brands posted gains that beat Wall Street estimates, while Macy's and Kohl’s missed expectations.

New York -- Apparel retailers and department stores reported monthly revenue results for September that were mixed, as Gap Inc. and Limited Brands posted gains that beat Wall Street estimates, while Macy's and Kohl’s missed expectations.

However, many analysts said spending was fairly strong for the month.

August 13, 2012

A report released Monday by the Associated Press said that Sears Holdings Corp. would be spinning off its Hometown and Outlet stores, along with some hardware stores, into a separate, publicly traded company.

Hoffman Estates, Ill. -- A report released Monday by the Associated Press said that Sears Holdings Corp. would be spinning off its Hometown and Outlet stores, along with some hardware stores, into a separate, publicly traded company.

Earlier this year, Sears had revealed it would split the companies but had not indicated the new organization would be a separate public entity.

There are approximately 1,238 Hometown, Outlet and hardware stores. Five Hometown stores have been closed, along with eight hardware stores and one Outlet unit.

July 24, 2012

Barnes & Noble CEO William Lynch was compensated $10 million in 2011, compared to $1.6 million in 2010, according to a report by the Associated Press.

New York -- Barnes & Noble CEO William Lynch was compensated $10 million in 2011, compared to $1.6 million in 2010, according to a report by the Associated Press.

The difference is due to a large stock option grant, reported AP, as Barnes & Noble compensated Lynch for expanding the retailer’s digital business. However, an SEC filing revealed the retailer planned to pay Lynch double the $5.3 million in stock options it granted, but found it couldn't due to its 2009 incentive plan rules.

July 16, 2012

A judge in Delaware denied requests from the California State Teachers Retirement System and a group of New York City pension funds to seek appointments of lead plaintiff and lead counsel in a consolidated shareholder lawsuit over allegations of bribery involving Wal-Mart Stores’ operations in Mexico, the Associated Press reported.

New York -- A judge in Delaware on Monday denied requests from the California State Teachers Retirement System and a group of New York City pension funds to seek appointments of lead plaintiff and lead counsel in a consolidated shareholder lawsuit over allegations of bribery involving Wal-Mart Stores’ operations in Mexico, the Associated Press reported.

July 13, 2012

Fifth & Pacific Cos., formerly known as Liz Claiborne, said that its Kate Spade LLC brand is buying out the interest of its partner in a joint venture based in Japan, the Associated Press reported.

New York -- Fifth & Pacific Cos., formerly known as Liz Claiborne, said that its Kate Spade LLC brand is buying out the interest of its partner in a joint venture based in Japan, the Associated Press reported.

Kate Spade will have full ownership of Kate Spade Japan Co. after it buys Sanei International Co.'s 51%  stake in the business. Fifth & Pacific said the deal is expected to cost $45 million to $50 million, including debt repayment and transaction fees.

July 9, 2012

Best Buy is cutting 2,400 employees, including 1,800 store employees and 600 Geek Squad technical support associates, employees, as it seeks to restructure operations, the Associated Press reported.

New York – Best Buy is cutting 2,400 employees, including 1,800 store employees and 600 Geek Squad technical support associates, employees, as it seeks to restructure operations, the Associated Press reported.

The layoffs amount to about 1.4% of the company’s total staff of 167,000. A Best Buy spokesman, Bruce Hight, said the cuts were part of the company’s “ongoing turnaround plan,” according to the report.

May 11, 2012

A report on by the Associated Press said that Kroger chief David Dillon received a 66% bump in pay in 2011, as the grocer surpassed its internal growth targets.

Cincinnati -- A report on Friday by the Associated Press said that Kroger chief David Dillon received a 66% bump in pay in 2011, as the grocer surpassed its internal growth targets.

Dillon was paid a package worth $8.9 million last year, up from $5.4 million in 2010. The compensation included a cash performance bonus of $2.7 million. Stock and award options rose to $5.2 million and salary was $1.3 million.
 

May 3, 2012

New York City Pension Funds is urging shareholders to vote against the re-election of Wal-Mart Stores CEO Mike Duke and four other board members out of concerns about the chain’s bribery investigation in Mexico, the Associated Press reported.

New York -- New York City Pension Funds is urging shareholders to vote against the re-election of Wal-Mart Stores CEO Mike Duke and four other board members out of concerns about the chain’s bribery investigation in Mexico, the Associated Press reported.

The pension group owns 5.6 million shares of Wal-Mart, which has more than 3.4 billion shares outstanding.

April 17, 2012

A report by the Associated Press said that Wal-Mart Stores Inc., CEO Mike Duke was compensated with an $18.1 million pay package in 2011, down 3% from the prior year.

Bentonville, Ark. -- A report by the Associated Press on Monday said that Wal-Mart Stores Inc. CEO Mike Duke was compensated with an $18.1 million pay package in 2011, down 3% from the prior year.

According to AP, the pay decline is attributed to a smaller performance-based cash bonus for the year.

April 9, 2012

State and federal authorities in New Jersey broke up a multistate theft ring that stole merchandise from Home Depot Inc. stores by not ringing up all items at self-checkout counters, the Associated Press reported.

New York -- State and federal authorities in New Jersey broke up a multistate theft ring that stole merchandise from Home Depot Inc. stores by not ringing up all items at self-checkout counters, the Associated Press reported.

The thieves were active in about 70 Home Depot stores, mostly in New Jersey, and also in New York, Pennsylvania, Delaware, Maryland and Virginia.

March 30, 2012

Los Angeles Alliance for a New Economy, a Los Angeles community group, as filed an appeal against the building permits granted to Wal-Mart Stores to build a store in the city's Chinatown neighborhood, the Associated Press reported.

New York -- Los Angeles Alliance for a New Economy, a Los Angeles community group, as filed an appeal against the building permits granted to Wal-Mart Stores to build a store in the city's Chinatown neighborhood, the Associated Press reported.

The chain obtained necessary permits to build a 33,000-sq-ft. store last week, one day before the City Council was due to vote on a building moratorium for large retail chains in Chinatown, the report said.
 

March 8, 2012

Washington state opened a public auction online of its state-run liquor stores, beginning the process of privatizing an industry the state has tightly controlled since the end of Prohibition, the Associated Press reported.

New York -- Washington state opened a public auction online Thursday of its state-run liquor stores, beginning the process of privatizing an industry the state has tightly controlled since the end of Prohibition, the Associated Press reported.

The minimum bid is $1,000, and within hours, more than 30 bidders had entered the fray, the report said. Some were looking to buy rights to all of the stores, while the majority bid on individual store locations.

February 9, 2012

Amazon.com is contemplating opening two warehouses in New Jersey and is seeking a 22-month sales-tax holiday as part of the deal, according to reports by the Associated Press and the Philadelphia Inquirer.

Trenton, N.J. -- Amazon.com is contemplating opening two warehouses in New Jersey and is seeking a 22-month sales-tax holiday as part of the deal, according to reports by the Associated Press and the Philadelphia Inquirer.

Amazon is not required, as brick-and-mortar retailers are, to collect the 7% state sales tax for purchases. If it acquires a physical presence in New Jersey by opening warehouses, it would have to collect taxes.

January 20, 2012

Target Corp. is mulling a new pricing strategy amid increased competition from online and brick-and-mortar rivals, according to reports by the Associated Press and Dow Jones.

New York City -- Target Corp. is mulling a  new pricing strategy amid increased competition from online and brick-and-mortar rivals, according to reports by the Associated Press and Dow Jones.

The reports said that Target  has sent a letter to some of its key vendors as part of a potential new strategy to bolster its competiveness. The news comes just days before J.C. Penney is scheduled to announce a major overhaul in which pricing is likely to play a key role.

January 3, 2012

Sears Holdings Corp. has identified 79 of the 100 to 120 Sears and Kmart stores it said last week it would close, with the preliminary list split almost evenly between the two chains.

New York City -- Sears Holdings Corp. has identified 79 of the 100 to 120 Sears and Kmart stores it said last week it would close, with the preliminary list split almost evenly between the two chains.

Florida will be hit the hardest, with 11 stores to be shuttered, the Associated Press reported. Ohio, Michigan and Georgia are not far behind with six store closures planned in their states. Tennessee, North Carolina and Minnesota are set to lose four stores each.

December 22, 2011

Best Buy has informed some customers that it will not be able to fill their online orders, just days before Christmas, according to the Associated Press.

NEW YORK — Best Buy has informed some customers that it will not be able to fill their online orders, just days before Christmas, according to the Associated Press.

The chain said late Wednesday that "overwhelming” demand for some products from Bestbuy.com has led to a problem redeeming online orders made in November and December, the report said.

December 16, 2011

There is a heartwarming story playing out at Kmart stores throughout the Midwest: Anonymous donors are paying off strangers' layaway accounts, buying the Christmas gifts, especially toys and children’s clothing, that the families might otherwise have a hard time paying, the Associated Press reported.

Omaha, Neb. -- There is a heartwarming story playing out  at Kmart stores  throughout the Midwest: Anonymous donors are paying off strangers'  layaway accounts, buying the Christmas gifts, especially toys and children’s clothing, that the families might otherwise have a hard time paying, the Associated Press reported.

November 28, 2011

Five state leaders in India made clear over the weekend their unwillingness to let foreign retailers set up shop in the country, the Associated Press reported.

New York City -- Five state leaders in India made clear over the weekend their unwillingness to let foreign retailers set up shop in the country, the Associated Press reported.

Parliament adjourned Monday in an uproar over the issue and Communist Party-controlled trade unions have pledged to strike Thursday, the report said, and some politicians even threatened to burn down foreign stores that open under the new rules.

November 16, 2011

Mattress retailer Mattress Firm Holding Corp. expects to raise about $100 million in an initial public offering to pay down its debt, the Associated Press reported.

New York City -- Mattress retailer Mattress Firm Holding Corp. expects to raise about $100 million in an initial public offering to pay down its debt, the Associated Press reported.

The company is offering 5.6 million shares, and expects them to price from $17 to $19 each. After expenses the company anticipates net proceeds of about $90 million.

Most of the proceeds will go toward repaying $84.4 million in debt outstanding under a loan.

Mattress Firm and its franchisees run 757 stores in 25 states.

November 9, 2011

Voters in the state of Washington on Tuesday approved a plan to privatize liquor sales, siding with Costco Wholesale Corp. in the costliest initiative campaign in state history, the Associated Press reported.

New York City -- Voters in the state of Washington on Tuesday approved a plan to privatize liquor sales, siding with Costco Wholesale Corp. in the costliest initiative campaign in state history, the Associated Press reported. The measure will end Washington's state-run liquor system, which was formed in the 1930s in the aftermath of Prohibition.

November 7, 2011

A truck driver who slipped and fell on ice and grease while he was making a delivery to a Walmart store in northern Colorado can collect a nearly $10 million award after the state Supreme Court upheld a jury verdict in the case on Monday, the Associated Press reported.

New York City -- A truck driver who slipped and fell on ice and grease while he was making a delivery to a Walmart store in northern Colorado can collect a nearly $10 million award after the state Supreme Court upheld a jury verdict in the case on Monday, the Associated Press reported.

November 4, 2011

A homeless man was charged with murder Thursday for a baseball bat attack on a 74-year-old Lakewood man in a Southern California Walmart, the Associated Press said.

New York City -- A homeless man was charged with murder Thursday for a baseball bat attack on a 74-year-old Lakewood man in a Southern California Walmart, the Associated Press said.

Richard Lawrence Kalfin was charged with murder with a special allegation that he used a deadly weapon. He faces 57 years to life in prison if convicted and remained jailed on more than $1 million bail.

November 3, 2011

Consumer spending slowed in October, sending a note of caution as retailers head into the holiday season.

New York City -- Consumer spending slowed in October, sending a note of caution as retailers head into the holiday season. Eleven retailers missed expectations for same-store sales, while three chains beat estimates, according to a preliminary tally by Thomson Reuters. However, while the October results were not as promising as some retailers had hoped, sales for the most part rose and most chains reported results that were only slightly off from analysts’ estimates. Some analysts blamed Wall Street for underestimating how much caution is still out there.

October 31, 2011

Barnes & Noble is expected to unveil the new Nook -- its response to Amazon.com's new Kindle Fire tablet -- next Monday, the Associated Press reported.

New York City -- Barnes & Noble is expected to unveil the new Nook -- its response to Amazon.com's new Kindle Fire tablet -- next Monday, the Associated Press reported.

Barnes & Noble invited journalists and analysts to a news conference for a "very special announcement" that day.