IKEA Plans Midwestern DC
Conshohocken, Pa., IKEA said it plans to open an approximately 1.4 million-sq.-ft. distribution center on 72 acres at the Laraway Crossings Business Park in Joliet, Ill., south of Chicago. The new center will allow IKEA to receive goods in Joliet by rail, to manage its inventory and to distribute product to stores throughout North America, with a focus on IKEA stores in the Midwest.
The project will consist of a 650,000 sq.-ft. facility to be operational as early as spring 2009. The plans also allow for a potential expansion of approximately 770,000 more sq. ft. should the storage capacity be necessary.
RadioShack Slapped With Securities Suit
Bala Cynwyd, Pa., Law firm Brodsky & Smith announced Tuesday that a securities class-action lawsuit has been filed against RadioShack Corp. on behalf of shareholders who purchased the company’s stock between Jan. 13, 2003, and June 7, 2006.
The suit, filed in the U.S. District Court for the Northern District of Texas, alleges that RadioShack violated federal securities laws by issuing a series of material misrepresentations to the market, thereby artificially inflating the price of RadioShack.
TJX Sued by Big Shareholder Over Records Debacle
Wilmington, Del., Arkansas Carpenters Pension Fund, which owns 4,500 shares of TJX stock, filed a lawsuit Monday to obtain records showing how the retail chain handled computer problems that exposed customer data to hackers.
The shareholder said it initiated the suit after its request to see relevant documents was rebuffed by the company. The suit was filed under a law that allows shareholders to sue to get access to corporate documents for certain purposes.