Urban Outfitters has been sued by a shareholder who alleges company officials misled investors before the stock declined. The lawsuit claims the retailer wrongly led shareholders to believe business was going well until March 7, when it reported earnings of 13 percent less than analysts had suggested.
Overstock.com has long opposed state laws designed to force out-of-state retailers to collect sales tax merely for using in-state ad services. The company has mounted court challenges, citing Supreme Court decisions rendering these laws unconstitutional. It also has cut ties with local advertisers in all four states passing these laws.
The National Retail Federation welcomed a commitment by Federal Reserve Chairman Ben Bernanke. The agency will complete final swipe fee reform regulations in time for retailers to begin offering customers discounts and other benefits this summer as scheduled.
Michigan's unique law requiring individual price tags on most retail items is about to disappear once Gov. Rick Snyder signs the bill repealing it. The Republican governor is scheduled to sign the bill at 2 p.m. today. He first mentioned his desire to get rid of item pricing in his January State of the State address.
Think big — really big — and you may understand the stakes in an upcoming Supreme Court case that could have a profound impact on nearly every American business with employees.
Harry & David, the gourmet food-gift company, filed for bankruptcy protection after reaching an agreement with lenders to trim debt. The Medford, Ore.-based retailer, owned by investment funds controlled by Wasserstein & Co., listed assets and debt of as much as $500 million each in a Chapter 11 petition filed today in U.S. Bankruptcy Court in Wilmington, Delaware. Companies use Chapter 11 of the bankruptcy code to reorganize, cut debt and continue operating.
Blockbuster intends to cancel leases on more than 150 U.S. stores and abandon any property left in the buildings to the landlords. The company listed the leases it plans to cancel in two motions filed in U.S. Bankruptcy Court in Manhattan.