Wet Seal Enters Compensation Agreement With Michael Gold
San Francisco, Wet Seal Inc. announced yesterday that it would pay consultant Michael Gold a total of $4 million for assisting with the company’s increased sales and return to profit. Gold will be paid $2.8 million for fiscal 2006 and $1.2 million for the fiscal year ending Feb. 3, 2007.
In addition to this pay, Wet Seal also will provide Gold with 2 million shares of restricted stock, two tranches of performance shares and incentives for his future work. Gold will continue consulting with Wet Seal until Jan. 31, 2007. The company initially entered the agreement with Gold on July 7, 2005.
IKEA Eyes Specialty Grocery Market
Plymouth Meeting, Pa., Swedish home-furnishings retailer IKEA has announced it will move into the grocery market next year with its own-label products. The company plans to offer mainly Swedish fare, including roll-mop herring and smoked elk sausage.
The announcement follows Wal-Mart’s announced plans to expand operations into the rest of Europe.
Kroger Grocer Unaffected by Mislabeled Grapes
Compton, Calif., Kroger-owned grocer Ralphs announced today that it has seen no impact from last week’s controversial mislabeling of Mexican grapes as California-grown.
Although the California Dept. of Food and Agriculture (CDFA) has launched an investigation of the matter, Ralphs said, to its customers, it’s a non-issue.
Mislabeling produce can result in prosecution and fines as high as $3,000 for every bag of mis-advertised fruit sold.