Wal-Mart Joins Russian Retail Lobby Group
Moscow Wal-Mart Stores has joined the Russian retail association, the lobby group said. The move indicates Wal-Mart’s growing interest in expanding into Russia.
Members of the association include Carrefour, Auchan, Metro AG, X5 Retail Group and Magnit.
In April, Wal-Mart appointed an executive to head its efforts to explore business opportunities in Russia and neighboring markets.
In June, the company also said it was “exploring opportunities in Russia,” weeks after it acknowledged taking “active steps” to research Russia and nearby countries in Eastern Europe.
Sears Holdings offers after-Christmas deals
HOFFMAN ESTATES, Ill. Sears Holdings announced that it will offer a number of after-Christmas discounts at its Sears and Kmart stores.
On Friday, Dec. 26, from 7:00 am – noon, Sears will offer Morning Doorbusters, plus special savings up to 75% off on home electronics’ clearance items. Additional deep discounts include 50% off Craftsmen Quiet Glide Tool Storage and 65% off all women’s fashion boots. Over at Kmart, after-Christmas deals include 50% off Jaclyn Smith women’s jeans and 25% to 75% off assorted toys.
Wal-Mart settles most wage-related suits
BENTONVILLE, Ark. Wal-Mart Stores and attorneys for the plaintiffs jointly announced the settlement of 63 wage and hour class action lawsuits that have been pending against the company for several years.
Each of the settlements is subject to approval by the trial court, and the total amount to be paid will depend on the amount of claims that are submitted by class members. Under the agreements, the total will be at least $352 million, but no more than $640 million. Also, as part of the settlements, Wal-Mart has agreed to continue to use various electronic systems and other measures designed to maintain compliance with its wage and hour policies and applicable law.
As a result of the settlement, the company will record an after-tax charge to continuing operations in its fiscal fourth quarter of approximately $250 million, or approximately 6 cents per share.
“Resolving this litigation is in the best interest of our company, our shareholders and our associates,” said Tom Mars, evp and general counsel for Wal-Mart Stores. “Many of these lawsuits were filed years ago and the allegations are not representative of the company we are today.”