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Report: Wal-Mart Goes ‘Premium’ for Marketside

BY CSA STAFF

Bentonville, Ark. Wal-Mart’s new Marketside grocery stores will be focused around a “premium” rather than low-cost offering, according to a Financial Times report. The stores will be the first new banner launched by Wal-Mart in a decade.

Job advertisements for the new Wal-Mart business said the stores will deliver “unique solutions for time-starved consumers in a premium fresh/convenience oriented format,” according to the report.

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Ex-Home Depot merchant charged in kickback scheme

BY CSA STAFF

ATLANTA James Robinson of Atlanta has been charged with two counts of income tax evasion and one count of conspiracy to commit wire fraud against Home Depot, relating to a kickback scheme involving overseas vendors.

According to U.S. Attorney David Nahmias, Robinson, a former divisional merchandise manager for flooring for Home Depot, is the second person to be charged for taking secret payoffs from the retailer’s foreign suppliers and then not reporting or paying taxes on the income.

 

“Vendor kickbacks to corporate employees corrupt the honest operations of American businesses, and those who pay, receive, or solicit such payoffs may face federal prosecution,” said Nahmias.

Robinson’s alleged role in the kickback scheme involved him arranging for Home Depot to purchase items for resale on less than the best terms to the company, according to Nahmias. Robinson left Home Depot in July 2007.

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Restoration Hardware approves deal with Catterton Partners

BY CSA STAFF

CORTE MADERA, Calif. Restoration Hardware reported that its shareholders have accepted the amended merger agreement between Restoration Hardware and certain affiliates of Catterton Partners. The amended merger agreement was adopted on June 12 at a special meeting of shareholders of Restoration Hardware’s outstanding shares of common stock, with more than 99% of the votes cast in favor of the amended merger agreement.

“We are pleased with the outcome of today’s vote and appreciate the strong support demonstrated by our shareholders,” said Gary Friedman, Restoration Hardware’s chairman, president and ceo.

Restoration Hardware said it expects the transaction to be completed next week.

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