News

Gallery Furniture Wins Case

BY CSA STAFF

Houston, Ajury found Gallery Furniture not guilty of age discrimination in the case of two sales managers, Marilyn Murphy and Martin G. McDaniel, who were fired. Both are over 50 years old. In U.S. District Court in Houston, Judge John Rainey previously dismissed Murphy’s claim for sex discrimination.

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FINANCE

PriceSmart Closes Chapter on Restatement

BY CSA STAFF

San Diego, PriceSmart has put an end to litigation related to its restatement of financial reports in late 2003. PriceSmart will pay $2.35 million to settle a shareholder lawsuit in federal court in California. The San Diego-based retailer said that about 80% of the settlement payment will be funded by the company’s insurance carrier. The retailer said the settlement does not constitute an “admission of liability” on the part of the company or its former officers. PriceSmart, a warehouse club operator, previously settled a separate federal court securities lawsuit and a state court shareholder derivative lawsuit. The company said the third settlement brings the litigation to a conclusion.

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News

Ann Taylor Promotes Two Execs

BY CSA STAFF

New York City, Ann Taylor Stores Corp. promoted two of its executives to executive VP.

Adrienne Lazarus was named executive VP of Ann Taylor Stores merchandising and design. She was most recently senior VP and general merchandising manager for Ann Taylor Stores.

Donna Noce was promoted to executive VP of Ann Taylor Loft merchandising and design. She most recently served the retailer as senior VP of Ann Taylor Factory Stores.

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