99 Cents Only Stores May Delay Filing
City of Industry, Calif., 99 Cents Only Stores said it might restate earnings and delay its upcoming quarterly report. The chain pointed to a familiar culprit for its restatement: “lease and depreciation issues,” which were cited by dozens of other retailers in recent weeks for similar actions.
Additionally, 99 Cents Only Stores said compliance with the Sarbanes Oxley Act is causing other issues. The company’s independent accountants are unable to complete their audit of management’s assessment of the internal controls over financial reporting, the company said. Further, management has identified material weaknesses as defined by the Public Company Accounting Oversight Board related to deficiencies in the internal-control environment.
Publix to Open Publix Sabor in May
Lakeland, Fla., Publix Super Markets is rolling out Publix Sabor, the grocery chain’s Hispanic-themed supermarket, in two existing locations in Kissimmee and Hialeah, Fla. The stores will open in early May and feature more Hispanic food and grocery categories than a typical Publix. Bilingual employees will also be part of the mix of Sabor, which translates to “flavor.”
“Publix Sabor was designed to meet the needs of our customers in particular neighborhoods throughout the Central and South Florida regions,” said Maria Brous, director of media and community relations, in a release.
Wal-Mart Contributes to College Fund
Bentonville, Ark., Wal-Mart Stores provided an award of $1.5 million to the United Negro College Fund (UNCF) that includes a $1 million grant to establish the Wal-Mart Emergency Assistance Fund and $500,000 in operating support for UNCF member schools.