FINANCE

Best Buy CEO sells off stock

BY Dan Berthiaume

Richfield, Minn. — Hubert Joly, president and CEO of Best Buy Co., Inc., exercised and sold 350,467 stock options and sold 100,686 shares of company stock on Sept. 6. Joly sold the stock due to circumstances relating to his divorce that was concluded in June of this year.

“As reflected in the Form 4, Joly’s holdings remain substantially in excess of his 140,000 share ownership target under the company’s executive stock ownership guidelines following the reported transaction,” Best Buy said in a press release.

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FINANCE

Report: Suit accuses Home Depot of unjust shoplifting fines

BY Dan Berthiaume

Atlanta – The Home Depot, Inc. is reportedly being sued in California Superior Court for unfair, arbitrary attempts to collect damages from customers accused of shoplifting.

According to Bloomberg, a California man filed a class action suit against Home Depot on Sept. 5 after receiving two letters from the retailer’s law firm threatening criminal prosecution if he did not pay hundreds of dollars in damages for taking work gloves worth about $8, which he says he did not steal.

A Home Depot spokesperson told Bloomberg that the retailer has not yet reviewed this specific suit but in general follows the law when seeking civil damages from shoplifters. The first hearing in the lawsuit is scheduled for Oct. 8.

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OPERATIONS

Herald Square Victoria’s Secret workers win concessions

BY Dan Berthiaume

Columbus, Ohio – Employees at the Victoria’s Secret store in Herald Square, New York City have reportedly won concessions on pay and promotions from the retailer. According to CNNMoney, following a petition effort started by employees at the store in June of this year, Victoria’s Secret agreed to give them pay raises between $1 and $2 per hour and also start promoting employees at the location.

In response to what Herald Square employees called unfair wages, inconsistent scheduling of shifts and lack of internal promotions, four employees at the store presented management with a letter demanding change in June. When management did not respond, the employees began a petition and collected signatures both in writing and online, and also sought assistance from the Retail Action Project labor group.

Employees allege management began reducing hours and changing shifts of workers involved in the petition effort, but last month received the concessions. Victoria’s Secret management did not comment in the article.

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