TJX Sued by Big Shareholder Over Records Debacle
Wilmington, Del., Arkansas Carpenters Pension Fund, which owns 4,500 shares of TJX stock, filed a lawsuit Monday to obtain records showing how the retail chain handled computer problems that exposed customer data to hackers.
The shareholder said it initiated the suit after its request to see relevant documents was rebuffed by the company. The suit was filed under a law that allows shareholders to sue to get access to corporate documents for certain purposes.
Wal-Mart Partners with Nickelodeon
Bentonville, Ark., Wal-Mart Stores and Nickelodeon announced a first-time advertising, promotions and merchandising partnership surrounding Nickelodeon’s 20th Annual Kids’ Choice Awards airing March 31.
Wal-Mart has signed on to become the first and exclusive retail sponsor for Nickelodeon’s annual television event that celebrates top entertainment picks, as chosen by kids. It is one of the network’s highest-rated events of the year.
The agreement between Wal-Mart and Nickelodeon will be divided among several Nickelodeon platforms including Nickelodeon television, Nickelodeon Magazine and Nick online.
Gymboree 4Q Profit Rises 20%
San Francisco, Gymboree Corp. said Tuesday its fiscal fourth-quarter profit rose 20% on a jump in revenue. For the quarter ended Feb. 3, Gymboree earned $24.4 million compared with $20.4 million for the same quarter in 2005.
Earnings from continuing operations rose to $26.8 million from $21.2 million in the 2005 period. Revenue rose 18% to $241 million from $203.7 million in the year-ago period. Comp-store sales rose 7% from the fourth quarter of last year.
For the full year, Gymboree earned $60.3 million compared with $33.7 million in 2005. Revenue rose to $791.6 million from $667.5 million the year before.