FINANCE

Report: Suit accuses Home Depot of unjust shoplifting fines

BY Dan Berthiaume

Atlanta – The Home Depot, Inc. is reportedly being sued in California Superior Court for unfair, arbitrary attempts to collect damages from customers accused of shoplifting.

According to Bloomberg, a California man filed a class action suit against Home Depot on Sept. 5 after receiving two letters from the retailer’s law firm threatening criminal prosecution if he did not pay hundreds of dollars in damages for taking work gloves worth about $8, which he says he did not steal.

A Home Depot spokesperson told Bloomberg that the retailer has not yet reviewed this specific suit but in general follows the law when seeking civil damages from shoplifters. The first hearing in the lawsuit is scheduled for Oct. 8.

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OPERATIONS

Herald Square Victoria’s Secret workers win concessions

BY Dan Berthiaume

Columbus, Ohio – Employees at the Victoria’s Secret store in Herald Square, New York City have reportedly won concessions on pay and promotions from the retailer. According to CNNMoney, following a petition effort started by employees at the store in June of this year, Victoria’s Secret agreed to give them pay raises between $1 and $2 per hour and also start promoting employees at the location.

In response to what Herald Square employees called unfair wages, inconsistent scheduling of shifts and lack of internal promotions, four employees at the store presented management with a letter demanding change in June. When management did not respond, the employees began a petition and collected signatures both in writing and online, and also sought assistance from the Retail Action Project labor group.

Employees allege management began reducing hours and changing shifts of workers involved in the petition effort, but last month received the concessions. Victoria’s Secret management did not comment in the article.

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FINANCE

Alco declines alternate acquisition proposal

BY Dan Berthiaume

Coppell, Texas – Alco Stores, Inc. is not accepting an acquisition proposal from Everbright Development Overseas, Ltd., Luis Chang and Mai Wong. The Alco board of directors has determined that the proposal, tendered on Sept. 6, is not a superior proposal to a roughly $47 million offer the retailer received from Argonne Capital Group LLC on July 25.

Alco intends to file proxy materials with the Securities and Exchange Commission (SEC) that will detail the background of the company’s discussions with Everbright and its advisors, and the reasons that the board of directors of the company did not conclude that the Everbright proposal was a "Superior Proposal" under the terms of the Argonne merger agreement.

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