Aeropostale Says SEC Issues Probe Order
New York City Aeropostale Inc. said Wednesday the Securities and Exchange Commission issued a formal order of investigation related to the termination in 2006 of its former executive VP and chief merchandising officer.
The specialty apparel retailer disclosed in a filing it was informed on Tuesday that the SEC is conducting a nonpublic, fact-finding inquiry into the activities of the executive, Christopher L. Finazzo.
Aeropostale disclosed in a filing on Nov. 8, 2006 it terminated Finazzo for breaching its ethics policy.
According to the 2006 filing, Aeropostale said the termination was related to an investigation that showed Finazzo “had concealed personal ownership interests in, and served as an officer of, entities affiliated with one of the company’s largest vendors, South Bay Apparel, Inc.”
Aeropostale also said in the 2006 filing that the activities and their concealment comprised a conflict of interest that breached its business ethics code and violated Finazzo’s employment agreement.
Kmart Pharmacy lowers flu shot price
HOFFMAN ESTATES, Ill. Kmart is lowering the price on flu shots at its pharmacies, the company announced Tuesday.
Customers can now receive a flu shot for just $10 at most Kmart Pharmacies while supplies last. The price in California, Hawaii, Louisiana, Minnesota, Montana, Pennsylvania, Rhode Island, Tennessee, Wisconsin, and Wyoming may be slightly higher due to state regulations.
“People need to remember that flu season is in full swing, and it can strike at any time, so we are lowering prices to encourage more people to do what they can to protect themselves,” said Mark Doerr, RPh, vp of Kmart Pharmacy. “While the flu season has not been as severe as some recent years, the latest CDC updates report that flu activity is on the rise.”
Crescendo seeks Charming Shoppes representation
BENSALEM, Pa. Charming Shoppes Tuesday confirmed that it has received notice that Crescendo Partners II L.P., Series Q, intends to nominate three individuals, including two hedge fund representatives, for election to Charming Shoppes’ board of directors at the company’s 2008 annual meeting of shareholders.
In a statement issued Tuesday, Charming Shoppes board of directors and management team said that they have begun discussions with Crescendo partners and will continue doing so as long as they are constructive. The company added that it will not be distracted by the threat of a proxy contest from a dissident shareholder group.