Coughlin to Plead Guilty
New York City, The Wall Street Journal’s Web site reported that former Wal-Mart Stores vice chairman Thomas Coughlin intends to plead guilty to wire fraud and tax-evasion charges. Coughlin, who left the world’s largest retailer in March, could face more than two years in prison as part of his settlement in the controversy that involved the alleged misappropriation of some $500,000, the Journal reported.
Coughlin resigned as part of an internal Wal-Mart probe into the unauthorized use of corporate gift cards and other reimbursements. The retailer then took its findings to the U.S Attorney for the Western District of Arkansas, which pursued a federal case against the company’s former No. 2 executive.
Coughlin had used in his defense the argument that the money was spent as part of an anti-union operation, but investigators have found no evidence of any spending or activity that indicates such an operation ever existed. Wal-Mart has described the story as a “complete fabrication.”
Wal-Mart Settles With Overcharged Customers
Bentonville, Ark., As settlement with Wisconsin customers overcharged for bulk items such as grapes and grind-it-yourself coffee, Wal-Mart has agreed to pay $25,117.
State weight inspectors discovered that Wal-Mart was adding the weight of the bag when calculating charges by weight for the bulk products. For commodities sold by weight, the declared weight must be exclusive of the packaging.
Read All About It: Shrink Mitigation
New York City, Of all the problems faced by retailers, one of the biggest is shrink. Business process are at the heart of limiting the damage, according to Cisco executives Dean Sivara and Ed Jimenez. Their article “Cutting Shrink Down to Size,” describes how integration and mobility reduce shrink-related losses and boost profitability. For the complete article, click on the “Guest Commentaries” tab at the top of the page.