Kimco receives subpoena in Wal-Mart probe
New York — Shopping center operator Kimco Realty Corp. has received a subpoena in an investigation over possible violations of the Foreign Corrupt Practices Act (FCPA) by Wal-Mart Stores, Reuters reported.
In a filing with the Securities and Exchange Commission (SEC), the Kimco said it had received the subpoena on Jan. 28 from the SEC’s Enforcement Division. Kimco said it would fully cooperate with the SEC, and that the Department of Justice was conducting a "parallel investigation" with the SEC, according to the report.
The FCPA is a law that bars U.S. companies and others from paying bribes to officials of foreign governments in exchange for business.
U.S. authorities have stepped up enforcement of the FCPA in recent years, Reuters said.
Victoria’s Secret to make Hong Kong debut
Columbus, Ohio — A Wednesday report by Bloomberg said that Limited Brands’ Victoria’s Secret banner would open its first stores in Hong Kong this year.
On the boards are two 1,500-sq.-ft. Victoria’s Secret shops at the International Finance Centre in the Central business district and at New Town Plaza. Bloomberg cited an emailed statement by Limited spokesperson Robin Hoffman.
Von Maur to open first store in Oklahoma
Davenport, Iowa — Von Maur Department Stores announced Wednesday it has signed a contract to open a 150,000-sq.-ft. store at the GGP-owned Quail Springs Mall in Oklahoma City in fall 2014.
The store will be the company’s first location in Oklahoma.
Located at the mall’s former Sears location, the two-level Von Maur store will receive a complete renovation beginning in summer 2013 in order to feature the company’s exterior brick facade and signature residential ambiance, complete with antiques, original artwork, open-floor plan and music from the store’s grand piano.
The Oklahoma City announcement is consistent with the retailer’s previously announced national growth strategy, which includes opening a second Georgia location in Atlanta in November 2012, along with plans to grow into New York and Alabama in fall 2013.
"Oklahoma City is a thriving metropolitan area with numerous offerings and opportunities for both businesses and residents alike," said Jim von Maur , president of Von Maur. "We’re excited to be a part of the growth in one of the state’s most vibrant areas and look forward to showcasing our service and selection to shoppers at Quail Springs Mall."