FINANCE

Movie Gallery Temporarily Suspends Dividend

BY CSA STAFF

Dothan, Ala., Movie Gallery announced that its board of directors will not declare a quarterly cash dividend for the third quarter of 2005 due to the challenging conditions facing the home-video industry. The company said its board of directors will re-evaluate its dividend policy on an ongoing basis and will set any future dividends based on the evaluation of all relevant factors.

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New Contract For Kroger Unions

BY CSA STAFF

New York City, Seven International Brotherhood of Teamsters locals representing 3,200 workers in Southern California have approved a new five-year contract for Kroger, the nation’s largest grocer by sales.

Kroger, Albertson’s and Safeway, the nation’s big-three supermarket chains, endured lengthy labor strikes last year, causing millions of dollars worth of losses.

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Hurricane Update: Most Stores Closed Due to Rita Reopen

BY CSA STAFF

New York City, Even though Texas and Louisiana residents who fled Hurricane Rita remain displaced, the majority of retailers have restocked their shelves as they await the return of their customers.

Bracing for the wrath of Rita, Wal-Mart closed 155 stores on Saturday morning. By Sunday, all but 52 were open for business. Similarly, Target was able to reopen 28 of its 32 closed stores.

“While there was a disruption, it won’t be cataclysmic,” for merchants, said Scott Krugman, a spokesman at the Washington-based National Retail Federation. “This should have a minimum impact on nationwide sales.”

The Home Depot, the nation’s largest home improvement retailer, also reopened its doors in Texas and Louisiana. Furthermore, company spokesman Don Harrison said that over 100 trucks have been dispatched to bring additional supplies to Home Depot stores, so full shelves will greet their customers.

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