FINANCE

Class action suit filed against Tile Shop

BY Dan Berthiaume

Plymouth, Minn. — The Shareholders Foundation, Inc. has filed a lawsuit on behalf of certain purchasers of Tile Shop common stock over alleged violations of federal securities laws in connection with certain allegedly false and misleading statements made between August 22, 2012 and November 13, 2013. The plaintiff alleges that the defendants failed to disclose that one of its largest suppliers, Beijing Pingxiu, is an undisclosed related company secretly controlled by Fumitake Nishi, the brother-in-law of the company’s CEO and a Tile Shop employee.

On November 14, 2013, a report was published that alleged that Tile Shop has greatly exaggerated its true financial performance, failed to disclose Beijing Pingxiu as a material related party supplier, uses Beijing Pingxiu to overstate inventories, understate cost of sales and overstate gross profits, purchases goods from Beijing Pingxiu at or near cost to achieve an artificial cost advantage, and overstates earnings.

Shareholders who purchased a significant amount of shares of Tile Shop parent company Tile Shop Hldgs, Inc. between August 22, 2012 and November 13, 2013, and/or purchased shares in 2012 or earlier and currently hold any of those shares may be eligible to join the suit.

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MarineMax names Denny’s exec to board

BY Michael Fickes

Clearwater, Fla. – Recreational boat retailer MarineMax has named Frances Allen, executive VP and chief brand officer for Denny’s Corporation, to its board of directors. Prior to joining Denny’s, Allen was chief marketing officer for Dunkin Donuts. Her prior roles also include managing marketing efforts at Sony Ericsson Mobil Communications, Pepsi-Cola North America and Frito-Lay.

“We are proud and honored to have Frances Allen join our board of directors,” said William H. McGill Jr., president, chairman and CEO of MarineMax. “On behalf of the board, we welcome Frances. We are confident she will be a strong addition to our board and her wealth of experience and expertise in marketing will support our ongoing efforts to grow the MarineMax brand. We look forward to her future contributions to the company.”

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Meijer talks turkey

BY CSA STAFF

Meijer is relying on a familiar tactic to drum up foot traffic into its stores ahead of Thanksgiving Day by once again offering aggressive pricing on turkeys.

"A Thanksgiving meal isn’t complete without the turkey, and with these great prices, Meijer wants to ensure that our customers can provide their families with the best holiday experience," said Jerry Suter, VP of fresh merchandise.

The retailer is incentivizing consumers by offering $10 off any fresh or frozen turkey that weighs 10-15 pounds or $17 off any fresh or frozen turkey weighing 16-24 pounds when they spend $20. After spending $20, a 10-pound frozen turkey is priced at 49 cents a pound while a 16-pound frozen turkey will cost 43 cents a pound.

"But the savings don’t stop there," Suter added. "We have all the staples to help our customers make a memorable — and affordable — Thanksgiving meal to share with family and friends."

Meijer is also generating traffic into is stores ahead of Turkey Day by offering premade Thanksgiving dinners for those who want the traditional holiday meal without having to spend any time in the kitchen. The move keeps Meijer competitive with other one-stop-shopping retailers and grocery stores that offer similar deals.

A deluxe turkey dinner costs $47.99 and includes a 10-12 pound prebaked turkey, home-style stuffing, roasted turkey gravy, cranberry walnut relish, mashed potatoes and green bean casserole. A deluxe ham dinner costs $47.99 and includes a 7-9 pound spiral ham, green bean casserole, mashed potatoes, roasted turkey gravy and cranberry salad. Both deluxe dinners can feed between 6 and 8 people. Meijer also offers just the pre-baked turkey with stuffing and gravy for $35.99.

Meijer also promises to work toward accommodating any customer request, but do encourage customers to place orders for premade dinners at least 24 hours in advance to ensure availability.

Meijer operates 204 supercenters and grocery stores throughout Michigan, Ohio, Indiana, Illinois and Kentucky.

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