Class-action suit accuses Kohl’s of securities violations
Menomonee Falls, Wis. – Bernstein Liebhard has filed a securities class-action complaint in the U.S. District Court for the Southern District of New York on behalf of all those who purchased shares of Kohl’s Corp. between Feb. 26, 2009. and Sept. 13, 2011. The complaint alleges that Kohl’s and some of its executives and directors violated the Securities Exchange Act of 1934 during that time period by materially understating the company’s reported debt, overstating reported equity, materially understating leverage ratios and not complying with other accounting and financial reporting requirements.
In August 2011, Kohl’s reported errors in accounting for its leases, which eventually resulted in a loss of stock value the following month. Anyone who invested in Kohl’s shares during the class period and either lost money on the transaction or still holds the stock may be eligible to participate in the suit. Kohl’s has not released a statement in response to the complaint.
Neiman Marcus dresses up in gold and pink for Mary Kay’s 50th
DALLAS — Neiman Marcus is getting set to deck its flagship downtown Dallas location in gold and pink to celebrate beauty brand Mary Kay’s 50th anniversary.
Known for its high fashion window displays, Neiman Marcus — which is headquartered in Dallas — has dedicated four of its windows to the brand’s milestone and to its founder, Mary Kay Ash.
“From one great Dallas based institution to another, Neiman Marcus salutes Mary Kay on its 50th anniversary. Congratulations,” said Jeffrey Byron, VP and GM for Neiman Marcus Downtown.
Neiman Marcus also pays tribute to Mary Kay inside the store with a pink-themed display featuring a collection of hand-selected designer clothing and accessories in pink and gold, including apparel, shoes, handbags and jewelry. Anchoring the display is the signature symbol of achievement for Mary Kay independent beauty consultants: a 2013 Cadillac CTS in custom Mary Kay pink.
“It is an honor to have Neiman Marcus join us as we celebrate Mary Kay’s golden anniversary,” said Sheryl Adkins-Green, CMO for Mary Kay Inc. “We encourage everyone, including the nearly 50,000 Mary Kay independent sales force members who will be in Dallas for Mary Kay’s Seminar, to visit Neiman Marcus and see the beautiful displays that have been designed for Mary Kay, and shop the pink pop-up collection.”
Mary Kay is hosting its annual convention, known as Seminar, in Dallas from July 21 through Aug. 7, which celebrates the success of the company’s independent sales force. Seminar is focused on recognizing Mary Kay independent beauty consultants for their achievements while also providing education, inspiration and motivation for the year ahead. This year’s Seminar theme is “One Woman Can.”
Mary Kay’s first Seminar in 1964 was held in the company’s first warehouse where 200 attendees dined on chicken cooked by Mary Kay Ash herself. This year, nearly 50,000 people will attend the event at the Kay Bailey Hutchison Convention Center in Dallas.
With 3 million Mary Kay independent beauty consultants and $3 billion in global annual wholesale sales, Mary Kay is a top beauty brand and direct seller in more than 35 markets around the world.
Eastern Canada supercenter assault now underway
Walmart has opened its first supercenter in Canada’s eastern Maritime provinces of New Brunswick and Nova Scotia. The retailer, which has operated in Canada for nearly two decades, plans to invest $90 million this year in the renovation and expansion of nine locations in New Brunswick and Novia Scotia.
"The addition of fresh groceries to our stores in the Maritimes is a major milestone for us as it extends our fresh food offering from the Pacific to the Atlantic," said Shelley Broader, president and CEO of Walmart Canada. "We are very excited to introduce our supercenter format to Atlantic Canada and help our east coast customers save money on their groceries every week."
As part of its effort to sell more food in eastern Canada, the retailer also introduced a new program called Brands You Recognize which features goods sourced from local suppliers.
"Our food team has been working with new local suppliers and our existing suppliers to ensure we are providing customers in the Maritimes with the quality products and assortment they expect," Broader said.
The stores are located in the New Brunswick communities of Fredericton, Dieppe, Saint-John and Moncton and the Nova Scotia communities of Dartmouth, Halifax and Bedford/Sackville.
Walmart Canada currently operates 380 locations of which 217 are supercenters.