Legal
June 17, 2011
Retail crime and fraud continue to cost retailers more money every year, according to a new survey released at this week's National Retail Federation Loss Prevention Conference and EXPO. The survey, jointly conducted by the NRF and the University of Florida, revealed total retail losses cost retailers $37.1 billion last year, up from $33.5 billion in 2009.
June 13, 2011
The Texas legislature has acted to do away with any question that the mere use of a web-hosting company with a server in Texas might result in a Texas sales tax collection obligation. Both houses passed a bill that's now headed to Gov. Rick Perry, who's expected to sign it into law.
June 10, 2011
Catalog and internet retailer Signature Styles — owner of Spiegel, Newport News and Shape Fx — filed for bankruptcy in a Delaware court this week. The company listed assets in the $10 million to $50 million range and debt in the $50 million to $100 million range in its Chapter 11 petition. Signature Styles Gift Cards, an affiliate brand, was also included in the bankruptcy filing.
June 9, 2011
Matthew Shay, president and CEO of the National Retail Federation, issued a statement in which he called the Senate rejection of the Tester-Corker amendment to delay swipe fee reform, "a landmark victory for American consumers."
June 8, 2011
A report released this week by Bloomberg said that Barnes & Noble has filed suit against LSI Corp. to prevent the chipmaker from demanding patent royalties on sales of the bookseller’s Nook digital reader.
June 7, 2011
Walgreens announced it's completed the acquisition of drugstore.com. The transaction includes all websites directly owned and operated by drugstore.com, as well as its corporate office and customer service and distribution center operations.
June 7, 2011
Children's clothing retailer Hartstrings L.L.C., owned by Maryland private-equity firm American Capital L.P., has declared Chapter 7 bankruptcy.
June 6, 2011
After announcing PIN pads in some of its U.S. stores showed signs of tampering last month, Michaels was hit with lawsuits seeking class-action status. Three customers from Northern Illinois filed suits against the arts and crafts retailer claiming the company failed to take reasonable measures to protect its customers.
June 3, 2011
News emerged that the Gores Group, a private equity firm, might be looking to buy as many as half of Borders’ remaining stores out of bankruptcy. When the chain first filed for Chapter 11, many retail real estate insiders felt that the Borders locations slated for closing were good enough to be snapped up by alternate users.
June 2, 2011
Amazon, Overstock.com and similar companies may be facing new taxes in California. The state has passed a bill in the Assembly which will tax e-commerce sales, and now the legislation is on its way to the Senate.
