Wal-Mart Sued In Chicago, Guess Investigated In Italy: Consumer Business Recap
Wal-Mart Stores (NYSE:WMT), along with two manpower agencies, have allegedly violated overtime and minimum wage laws by forcing temporary workers to arrive early to work, leave late and forego their lunch break. For these charges, all three were sued Monday in Chicago, which marks the latest in a number of worker actions against Wal-Mart, among which include strikes and threats to walk off the job on Black Friday.
Target Corporation (NYSE:TGT) reaches an agreement to divest its $5.9 billion credit card portfolio to Toronto-Dominion Bank (NYSE:TD). The seller plans to use around 90 percent of proceeds to repay debt and the remainder to repurchase shares. Also, the Bank will assume control over all Target Credit Card and Target Visa operations for 7 years.
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Shares of the grocery store operator Supervalu (NYSE:SVU) moved down Tuesday due to faded interest in regards to efforts by Cerberus to purchase it.
Guess? (NYSE:GES) says that it faces an investigation in Italy concerning taxes paid by its subsidiaries operating there. As the inquiry unwinds, a prosecutor will conduct a customary examination of the actions of three current and former members of management.
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