FINANCE

Shoppers Charge Accounts to Change Name

BY CSA STAFF

Mahwah, N.J. Shoppers Charge Accounts, a provider of private-label credit programs and a division of TD Banknorth, announced that it is changing its name to TD Retail Card Services.

As part of its re-branding effort, TD Retail Card Services said it has also enhanced its product offerings and services, technologies and marketing initiatives.

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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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