FINANCE

American Apparel Names CFO

BY CSA STAFF

Los Angeles American Apparel has named Adrian Kowalewski CFO to succeed Ken Cieply, who left the company in May amid turmoil with founder and CEO Dov Charney.

William T. Gochnauer had served as interim CFO. Kowalewski will continue to serve as director of corporate finance and development and as a board member, and will now be responsible for financial management, accounting and reporting.

The appointment is effective immediately.

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Sears Holdings offers after-Christmas deals

BY CSA STAFF

HOFFMAN ESTATES, Ill. Sears Holdings announced that it will offer a number of after-Christmas discounts at its Sears and Kmart stores.

On Friday, Dec. 26, from 7:00 am – noon, Sears will offer Morning Doorbusters, plus special savings up to 75% off on home electronics’ clearance items. Additional deep discounts include 50% off Craftsmen Quiet Glide Tool Storage and 65% off all women’s fashion boots. Over at Kmart, after-Christmas deals include 50% off Jaclyn Smith women’s jeans and 25% to 75% off assorted toys.

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Wal-Mart settles most wage-related suits

BY CSA STAFF

BENTONVILLE, Ark. Wal-Mart Stores and attorneys for the plaintiffs jointly announced the settlement of 63 wage and hour class action lawsuits that have been pending against the company for several years.

Each of the settlements is subject to approval by the trial court, and the total amount to be paid will depend on the amount of claims that are submitted by class members. Under the agreements, the total will be at least $352 million, but no more than $640 million. Also, as part of the settlements, Wal-Mart has agreed to continue to use various electronic systems and other measures designed to maintain compliance with its wage and hour policies and applicable law.

As a result of the settlement, the company will record an after-tax charge to continuing operations in its fiscal fourth quarter of approximately $250 million, or approximately 6 cents per share.

“Resolving this litigation is in the best interest of our company, our shareholders and our associates,” said Tom Mars, evp and general counsel for Wal-Mart Stores. “Many of these lawsuits were filed years ago and the allegations are not representative of the company we are today.”

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