FINANCE

Walmart issues statement in opposition to proposed interchange fee settlement

BY Katherine Boccaccio

Bentonville, Ark. — Wal-Mart Stores Inc. issued a statement on Tuesday indicating its position on the proposed settlement with Visa and MasterCard over credit card fees.

"Walmart, along with a growing number of consumer groups and merchants, is disappointed in the proposed credit card interchange fee settlement,” read the statement. “The proposed settlement would not structurally change the broken market or prohibit credit card networks from continually increasing hidden swipe fees, which already cost consumers tens of billions of dollars each year. The proposed settlement would require merchants to broadly waive their rights to take action against the credit card networks for detrimental conduct or acts. We believe the proposed settlement would also constrain emerging payments innovation.

“As Walmart continues to seek reform that will provide transparency and true competition among financial institutions, we encourage all merchants to put consumers first and reject the settlement,” concluded the statement.

Wal-Mart Stores is one of a growing group of retailers opposed to the proposed $7.25 billion settlement, which, they say, would not change a "broken" system of what credit card companies charge retailers for processing credit and debit card payments.

The class-action settlement, which is subject to court approval, is intended to resolve merchants’ claims that Visa and MasterCard conspired with major banks to fix swipe fees.

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FINANCE

Clayton, Dubilier & Rice exits Sally Beauty with $1.9 billion in proceeds

BY Staff Writer

New York — Private equity firm Clayton, Dubilier & Rice said Monday it has exited its investment in Sally Beauty Holdings with $1.9 billion in proceeds.

CD&R sold all of its 86 million Sally common shares at an average price of $22.68. In 2006, CD&R invested $571 million to acquire 47.5% of Sally Beauty Holdings, from The Alberto-Culver Co. in a leveraged spin-off transaction. All remaining shares were spun off to then-current Alberto-Culver shareholders.

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OPERATIONS

Barneys promotes Daniella Vitale to COO

BY Staff Writer

New York — Barneys New York said Tuesday it has promoted Daniella Vitale to the newly created position of COO.

Vitale, since December 2010, has served as the retailer’s chief merchant and executive VP of women’s merchandising and Barneys.com.
With her promotion, Vitale will direct store operations as well as women’s merchandising and barneys.com as chief merchant of the retailer.

Prior to Barneys, Vitale was president of Gucci America.

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Apr-12-2013 08:24 am

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M.Donovan says:
Apr-12-2013 08:24 am

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