New La-Z Boy Concept Debuts
New York City, Furniture manufacturer La-Z Boy Inc. opened its first Todd Oldham by La-Z Boy store, in Manhattan’s SoHo neighborhood. It is the first store devoted to the designer’s collection of commissioned La-Z Boy home furnishings and accessories.
Kmart Reduces Full-Time Employee Roster
Troy, Mich., Kmart has outlined a new plan that reduces its full-time work force in favor of more part-timers at its 1,400 stores nationwide.
Some recently terminated full-time Kmart employees have been offered some of the part-time slots.
The new plan is entitled “Full-Time-Part-Time Workforce Adjustment Guidelines,” and is one of the latest cost-cutting steps taken by Kmart since it merged with Sears, Roebuck and Co. last year.
Eddie Bauer Identifies Accounting Errors
Redmond, Wash., Newly emerged from bankruptcy, Eddie Bauer Holdings has identified errors in its balance sheets and cash-flow statements. The company has issued a statement saying that the errors will be corrected, but that they will not have an effect on net cash flows.
The company also announced the departure of CFO Timothy McLaughlin, who has been replaced in the interim by David Taylor, effective immediately.
The financial understatements are related to lease accounting.