Content about The Associated Press

May 22, 2013
Judge weighs injunction against Abercrombie & Fitch over store accessibility

A federal judge in Denver is considering an injunction after ruling that nearly 250 Abercrombie & Fitch stores, including its namesake and Hollister banners, are unfriendly to the disabled, the Associated Press reported.

Denver -- A federal judge in Denver is considering an injunction after ruling that nearly 250 Abercrombie & Fitch stores, including its namesake and Hollister banners, are unfriendly to the disabled, the Associated Press reported.

The judge agreed in March with the Colorado Cross-Disability Coalition that the stores limited access for wheelchair-bound customers.  He said the only option under the Americans With Disabilities Act is an injunction ordering the problems to be fixed, the report said.

May 9, 2013
Report: Costco gets OK to open store in Baton Rouge

Officials in Baton Rouge have approved more than $7 million in incentives to bring a Costco store to the Louisiana city, the Associated Press reported.

New York -- Officials in Baton Rouge have approved more than $7 million in incentives to bring a Costco store to the Louisiana city, the Associated Press reported.  
   
Costco is expected to open a 150,000-sq-ft. store by next April at the site of a former Coca-Cola bottling facility, the report said.

 

April 25, 2013
Best Buy CEO compensation for five months on job put at $19.6 million

The CEO of Best Buy, Hubert Joly, earned compensation worth $19.6 million in his five months on the job in 2012, the Associated Press reported.

New York -- The CEO of Best Buy, Hubert Joly, earned compensation worth $19.6 million in his five months on the job in 2012, the Associated Press reported.  

Joly, a turnaround expert, took the reins of the chain in September. Former CEO Brian Dunn left in April when a board investigation found that Dunn violated company policy by having a "close personal relationship" with a female staffer. Board member Mike Mikan, one of Best Buy’s board members, served as temporary CEO before Joly was hired.

April 4, 2013
Macy’s CEO pay package put at $11.3 million

Macy's CEO Terry Lundgren had a pay package worth $11.3 million in 2012, down 22% from 2011, the Associated Press reported.

New York -- Macy's CEO Terry Lundgren had a pay package worth $11.3 million in 2012, down 22% from 2011, the Associated Press reported.

Lundgren had a salary of $1.6 million stock and options awards worth $7.7 million, and perks worth about $76,000. The decline came from a 63% smaller cash payment for performance, the report said.

Macy's said the CEO beat the profit expectations for the year but fell short on cash flow, due to a big merchandise purchase at the end of the fiscal year.

March 21, 2013
Eddie Lampert to remain CEO of Sears for annual salary of $1

Eddie Lampert, chairman of Sears Holding Corp., has signed a contract to remain as CEO of the retail company at a salary of $1 per year, the Associated Press reported.

New York -- Eddie Lampert, chairman of Sears Holding Corp., has signed a contract to remain as CEO of the retail company at a salary of $1 per year, the Associated Press reported. Sears announced in January that Lampert would take over as CEO after Louis J. D'Ambrosio stepped down due to family health issues.
    
Lampert’s new contract is effective Feb. 1, according to a regulatory filing yesterday. Lampert also has the opportunity for a bonus of up to $2 million in cash or stock and up to $4.5 million in stock per year.

January 28, 2013
Sales events to make a comeback at J.C. Penney

J.C. Penney is changing course on its no-sales policy. It was just one year ago that the retailer, amid much fanfare, announced it was nearly eliminating sales events from its stores in favor of a three-tier pricing strategy and everyday low pricing.

New York -- J.C. Penney is changing course on its no-sales policy. It was just one year ago that the retailer, amid much fanfare, announced it was nearly eliminating sales events from its stores in favor of a three-tier pricing strategy and everyday low pricing. But on Monday the Associated Press reported that J.C. Penney is not only bringing back sales promotions to its stores, but will also add price tags or signs for approximately half of its merchandise that will show the "manufacturer's suggested retail price" next to J.C.

January 25, 2013
Home Depot Center to potentially be renamed

A report by the Associated Press said that the home of Los Angeles’ professional soccer team will likely be getting a new name.

Carson, Calif. -- A Friday report by the Associated Press said that the home of Los Angeles’ professional soccer team will likely be getting a new name.

The Home Depot Center, which also includes facilities for tennis, track and field, baseball, basketball and other sports, as well as serves as an official training site for U.S. Olympians, is nearing the end of the $70 million, 10-year naming rights period, and Home Depot spokeswoman Jean Niemi told AP that the retailer does not plan to renew the deal.

January 22, 2013
Wal-Mart issues ‘zero tolerance’ policy for global suppliers

Wal-Mart Stores is tightening the reins on its global suppliers.

Bentonville, Ark. -- Wal-Mart Stores is tightening the reins on its global suppliers. Effective March 1, the retailer is implementing a "zero tolerance" policy for any supplier who subcontracts work to factories without the company’s knowledge, the Associated Press reported. Previously, Wal-Mart gave suppliers three chances to correct mistakes.

As part of the new rules, Wal-Mart will require all factories in Bangladesh to undergo an electrical and building safety assessment from an independent agency.

November 19, 2012
Report: NRLB promises quick action on Walmart case

Federal labor officials said they will decide quickly whether to support a request by Wal-Mart Stores Inc. to stop a union-backed group from pushing worker walk-outs at hundreds of stores on Black Friday, the Associated Press reported.

New York -- Federal labor officials said Monday they will decide quickly whether to support a request by Wal-Mart Stores Inc. to stop a union-backed group from pushing worker walk-outs at hundreds of stores on Black Friday, the Associated Press reported.

The chain on Thursday filed a complaint with the National Labor Relations Board to stop OUR Walmart, a group made up of current and former Wal-Mart workers, from holding protests at hundreds of stores.

 

October 19, 2012
Report: Lowe’s looking to hire two senior executives

Lowe's Cos. is seeking to hire two senior executives that could play a role in its CEO succession plan, according to the Associated Press.

New York -- Lowe's Cos. is seeking to hire two senior executives that could play a role in its CEO succession plan, according to the Associated Press.

The chain is looking for a chief merchandising officer and a head of supply chain. The positions were left vacant in May due to a reorganization.

Lowe’s is looking both internally and externally, the report said.

 

October 17, 2012
Murphy Oil to split off its retail division

Murphy Oil is splitting in two in order to better focus on the separate tasks of exploration and production, and the sale of gasoline and other goods through its retail locations, the Associated Press reported.

New York -- Murphy Oil is splitting in two in order to better focus on the separate tasks of exploration and production, and the sale of gasoline and other goods through its retail locations, the Associated Press reported.

Murphy USA will become a separate company focused on selling fuels. Murphy USA operates retail gasoline stations in 23 states. Murphy USA will also operate seven fuel distribution terminals and ethanol production facilities in North Dakota and Texas.

October 11, 2012
Report: Rite Aid ordered to pay $800,000 settlement

A San Diego judge ordered Rite Aid Corp. and its California subsidiary Thrifty PayLess Inc. to pay $800,000 to settle a complaint alleging false advertising, the Associated Press reported.

New York -- A San Diego judge ordered Rite Aid Corp. and its California subsidiary Thrifty PayLess Inc. to pay $800,000 to settle a complaint alleging false advertising, the Associated Press reported.

Prosecutors claimed Rite Aid led consumers to believe they would pay less for items bought using the company's Wellness Card, the report said. However, they were given a coupon and told it was for a future purchase that would expire and was subject to other restrictions.

October 4, 2012
Report: Wal-Mart sued in Florida for gender discrimination

Three female employees of Wal-Mart Stores Inc. filed a lawsuit in federal court in South Florida claiming the company discriminates against women in areas such as wages and promotion opportunities, the Associated Press reported.

New York -- Three female employees of Wal-Mart Stores Inc. filed a lawsuit Thursday in federal court in South Florida claiming the company discriminates against women in areas such as wages and promotion opportunities, the Associated Press reported.

The potential class-action lawsuit follows similar lawsuits recently filed in Tennessee, Texas and California. It also follows a 2011 U.S. Supreme Court decision that tossed out a national gender bias lawsuit seeking to represent some 1.6 million female Wal-Mart workers.

 

September 14, 2012
Staples settles Delaware property dispute for $8.9 million

A Friday report by the Associated Press said that Staples Inc. will pay $8.9 million to settle an abandoned property dispute with the state of Delaware.

Dover, Del. -- A Friday report by the Associated Press said that Staples Inc. will pay $8.9 million to settle an abandoned property dispute with the state of Delaware.

A final payment is slated to be paid by Staples on Monday to settle the two-year-old suit that involved Delaware’s method of calculating liability for abandoned property. Staples argued that unclaimed customer rebates should not be considered abandoned property, but a judge disagreed.

 

April 3, 2012
American Express stops selling gift cards in New Jersey over ZIP code requirement

American Express Co. has become the first company to pull its gift cards from being sold in New Jersey drug stores, supermarkets and convenience stores in response to a controversial new revision in the state's unclaimed property law.

New York -- American Express Co. has become the first company to pull its gift cards from being sold in New Jersey drug stores, supermarkets and convenience stores in response to a controversial new revision in the state's unclaimed property law. (The only way New Jersey residents can now buy AmEx gift cards is directly from the company.)

April 25, 2011
Abercrombie & Fitch’s CEO compensation package down 38%

The chairman and CEO of Abercrombie & Fitch Co. received a pay package worth $22.5 million, down 38% from last year, mostly because of a reduction in option awards, according to an analysis by The Associated Press.

New York City -- The chairman and CEO of Abercrombie & Fitch Co. received a pay package worth $22.5 million, down 38% from last year, mostly because of a reduction in option awards, according to an analysis by The Associated Press.

Jeffries, 66, received a base salary of $1.5 million and a performance-based bonus of $2.3 million, according to a filing with the Securities and Exchange Commission.

He received option awards worth $14.1 million on the date they were granted, down 58% from the prior year.

April 11, 2011
Limited Brands’ CEO pay package nearly doubles

Lexlie Wexner, 73, the CEO and founder of Limited Brands, received a 2010 pay package nearly double the year before, according to an analysis by The Associated Press.

New York City -- Lexlie Wexner, 73, the CEO and founder of Limited Brands, received a 2010 pay package nearly double the year before, according to an analysis by The Associated Press. The increase came as business improved for the parent of Victoria's Secret and Bath and Body Works.

Wexner's total compensation totaled $20.1 million, up from $10.4 million in 2009, because of a hefty increase in stock and option awards and a higher performance-based bonus.

April 5, 2011
Macy's Lundgren pay package down 8%

Macy's CEO Terry Lundgren’s compensation package dipped 8% in 2010 to nearly $11.8 million, according to an analysis by The Associated Press.

New York City -- Macy's CEO Terry Lundgren’s compensation package dipped 8% in 2010 to nearly $11.8 million, according to an analysis by The Associated Press.

Lundgren received a salary of $1.5 million in 2010, the same as the year before. The stock awards he received were valued at $3.6 million when they were granted, about a 50% rise over what he received the year before, according to a Securities and Exchange Commission filing.

January 17, 2011
South Africa’s Massmart approves Wal-Mart bid

The shareholders of South African Massmart chain have overwhelmingly accepted Wal-Mart's offer to buy 51% of their company, the chief executive said Monday, paving the way for Wal-Mart to enter Africa.

New York City -- The shareholders of South African Massmart chain have overwhelmingly accepted Wal-Mart's offer to buy 51% of their company, the chief executive said Monday, paving the way for Wal-Mart to enter Africa.

Massmart said the proposal was approved by 97% of shareholders who voted Monday -- 75% approval had been needed. Wal-Mart offered 148 rand (about $20) per share in a 17 billion rand (about $2 billion) deal.

The deal will have to be approved by South Africa's anti-monopoly regulators.

October 3, 2010
Security breach hits Aldi in 11 states

Aldi said the names, account numbers and secret codes of customers in 11 states were...

October 6, 2009
Report: Burger King to overhaul 12,000 locations worldwide

Burger King Corp. plans to update its restaurants to a hipper, more contemporary look, the...

September 25, 2008
Investors Seek to Unseat Dillard’s Family

The Associated Press (AP) reported Friday that a group of Dillard’s Inc. investors has petitioned...

July 31, 2008
Wal-Mart Denies It Told Employees How to Vote

Wal-Mart Stores Inc. denied a report Friday that it had pressured employees to vote against...

July 27, 2008
Best Buy to Open In-Store Music Centers

Best Buy Co. Inc. will announce Tuesday that it plans to open as many as...

May 21, 2008
Borders Group CEO Denies Sales Discussion

Borders Group Inc. has not had substantial discussions regarding a possible sale of the bookseller...