Wal-Mart to add more detail to financial reports
New York — Wal-Mart Stores Inc. will adjust its future financial reports to add more detail on legal proceedings and cyber security after U.S. regulators asked the retailer to better explain certain matters in its latest quarterly and annual filings, Reuters reported.
Wal-Mart’s correspondence with the U.S. Securities and Exchange Commission took place in June and July and was made public on Monday.
The letters include a reference to the "legal proceedings" section of Wal-Mart’s quarterly filing, an area under close scrutiny by investors since the New York Times reported an alleged past bribery scheme in Mexico on April 21.
Regarding the quarterly report, the SEC asked the retailer to provide greater detail about the outcome of legal proceedings, such as the range of a possible loss from litigation, Reuters said. If no range could be provided, the SEC asked that Wal-Mart provide a reason why such an estimate could not be given.
Wal-Mart said in its June 22 reply that it would change the disclosure. Instead of reading: "While management cannot predict the ultimate outcome of these matters, management does not believe it will have a material effect on the Company’s financial condition or results of operations," it will now read: "Management does not believe any possible loss or the range of any possible loss that may be incurred in connection with this matter will be material to the Company’s financial condition or results of operations."
Wal-Mart also said it would update disclosures related to the Foreign Corrupt Practices Act matter if any material development occurred, Reuters reported.
Rachel Zoe designs vintage-inspired jewelry line for Neiman Marcus
DALLAS — Celebrity stylist Rachel Zoe has designed an exclusive collection of vintage-inspired costume jewelry for Neiman Marcus and Bergdorf Goodman. The collection consists of statement rings, cuffs, necklaces, and earrings.
"Neiman Marcus has been incredibly supportive of me and my collection since its launch," said Rachel Zoe. "I grew up shopping at the Neiman Marcus in Short Hills with my mom, so it’s kind of surreal to be selling my product in Neiman Marcus. I am so excited about our exclusive jewelry partnership. This is a dream come true for me."
"We are so pleased to be featuring Rachel Zoe’s highly anticipated jewelry collection," said Wanda Gierhart, chief marketing officer for the Neiman Marcus Group. "We have planned a number of complementary initiatives that will allow all of our customers to fully engage with the launch."
Coinciding with the launch, NeimanMarcus.com will be hosting a clickable video from which customers can shop and a tab on Facebook.
Assurant Solutions expands offering for CE, appliance and telecommunications clients
ATLANTA — Assurant Solutions, a provider of extended service contracts, is now offering Assurant Expert Services, a service delivery solution that enables their clients in the consumer electronics, major appliance and telecommunications sectors to sell, manage and deliver additional services and support to their customers.
Assurant Expert Services provides clients with the ability to deliver additional services that complement their current offerings, without the time and cost associated with building a technical infrastructure, identifying technology experts or managing the program themselves. Available services cover a wide range of technology including computers and peripherals, mobile devices, TVs and home theater systems, small electronics and major appliances.
"Assurant Expert Services is a turnkey solution that fosters longer, more valuable relationships with customers through the delivery of complementary services," said Keith Meier, SVP Assurant Solutions’ Extended Protection Services business. "By extending the customer relationship beyond the point of sale, our clients can increase revenue through previously untapped channels. And their customers will get faster, more convenient access to a wide range of support services delivered in the way that suits them best."
Assurant Expert Services includes a web portal that offers real-time remote services, scheduling and management through a functional and flexible work order system. Consumers can navigate a single website to purchase, manage and execute service plans and access remote services. With one visit, consumers can contact a service provider and select their preferred service option. Services are then provided through Assurant Solutions’ national network of service providers and technicians. Assurant Solutions has partnered with SupportSpace, a leading provider of remote IT support services, to supplement its offering.