News

GGP promotes Father’s Day with MLB All-Star Game sweepstakes

BY CSA STAFF

With Father’s Day approaching, General Growth Properties has rolled out a mall promotion that invites shoppers to “check in” to their local GGP mall using Foursquare for a chance to win a trip to the 82nd MLB All-Star Game at Chase Field in Phoenix.

When shoppers “check-in” through Foursquare, they receive a link to enter the sweepstakes, which includes four tickets to the MLB All-Star Game on July 12, $1,000 in Shop Etc. Mall Gift Cards and a hotel stay and golf outing at the AAA Four-Diamond, all-suite Arizona Grand Resort.

“We’re continually looking for fun and interactive ways to engage our shoppers — especially through social media. This is the first time we’ve used Foursquare for a mall promotion and we’re excited for our customers to participate,” said Lesley Cheers, director, public relations, GGP. “And baseball, summer and dad all go hand-and-hand so it’s the perfect sweepstakes.”

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OPERATIONS

VF Corp. to buy Timberland

BY Marianne Wilson

New York City — Apparel giant VF Corp., whose brands include Wrangler, The North Face, and Nautica, said it has agreed to buy Timberland Co. for approximately $2 billion. The deal, expected to close in the third quarter, values Timberland at $43 a share, a 43% premium to Friday’s closing price of $29.99 on the New York Stock Exchange.

“This will be a winning combination, leveraging VF’s international and direct-to-consumer platforms to drive growth in the Timberland and Smartwool brands globally,” Eric Wiseman, CEO, VF, said in a statement.

VF said it expected to boost Timberland sales by 10% annually, in part by growing the brand’s international business and helping it expand in Europe, Asia and Latin America. VF also will Timberland grow its apparel and women’s businesses, and open more retail.

“Timberland is proud of its rich heritage, its track record of success and its reputation as a responsible and environmentally conscious global citizen, all of which will be preserved and enhanced by becoming part of the VF family of brands,” Jeffrey Swartz, CEO of Timberland, said in a statement. “VF is known for its ability to acquire and grow authentic outdoor brands, while protecting a brand’s unique culture and DNA.”

According to reports, VF will make Timberland part of its outdoor and actions sports business, and Timberland’s headquarters will remain in Stratham, N.H.

VF plans to finance the deal through a combination of cash on hand, commercial paper and term debt.

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FINANCE

Court upholds $188 million judgment against Wal-Mart

BY Staff Writer

New York City — A Superior Court in Pennsylvania on Friday upheld a $187.6 million class action award against Wal-Mart Stores on allegations that its Pennsylvania employees were not properly compensated for off-the-clock work and missed rest breaks.

A panel said there was sufficient evidence at trial to conclude there had been a breach of contract, unjust enrichment and violations of state labor laws, the Associated Press reported.

The judges also ruled in a 211-page opinion that the presiding Philadelphia judge erred in determining some of the plaintiffs’ legal fees, and sent that part of the case back for recalculation.

The 2006 trial, which lasted 32 days, resulted in a finding that Wal-Mart did not pay employees for all the work they performed and did not let them take their paid, mandatory rest breaks, the judges wrote. The court awarded $46 million in attorneys’ fees, the report said.

Wal-Mart spokesman Greg Rossiter said the chain believes the court decision was wrong in a number of respects and looks forward to additional review in the courts, according to the Associated Press. Rossiter said the company has settled numerous lawsuits in other states that involved similar allegations, and the Philadelphia case is the only active one that he knows of.

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