Finance & Capital Management

Bed Bath & Beyond Inc. is being accused of shorting the wages of employees by not paying them for overtime.   The class action lawsuit, filed in New Jersey’s Middlesex County Superior Court, accuses the home goods retailer of violating the state’s Wage and Hour Law by not paying some of its employees time-and-a-half for hours worked over 40 hours.   

Hull Property Group plans to move slowly in remaking the Kingsport Town Center, delaying the recruitment of new tenants until it can re-establish the 40-year-old mall as a popular destination for shoppers.  

Gracious Home has filed for Chapter 11 bankruptcy reorganization, its second filing in six years.   In its filing, the 53-year-old retailer, which operates stores in New York City, said “there is a viable business remaining, albeit on a smaller scale.”   Gracious Home previously filed for Chapter in August 2010, citing a sales decline due to the 2008 financial crisis.   

GNC Holdings is changing its pricing structure and marketing, and adding tech enhancements to its store environment as it looks to replace what it described as “an old broken model.”      The company announced that all corporate stores will close on Dec. 28 and reopen on Dec. 29, when GNC will offer customers a “dramatically improved experience with the launch of One New GNC.”  

The Kroger Co. is offering early retirement to approximately 2,000 corporate employees.   The offer does not include store and district associates, senior officers, and supermarket division presidents.  It is part of the chain’s effort to lower expenses without directly impacting shoppers.   

Century 21 is expanding into a new market.   The New York City-based off-price retailer will open its 12th store to date, and first in the state of Florida, at Sawgrass Mills, in Sunrise. The 85,000-sq.-ft. store will open on Dec. 16.    The Florida location will feature the retailer’s C21-On-1 Stylist Program, providing shoppers with the opportunity to book a free one-on-one appointment with a fashion stylist.         

Pier 1 Imports Inc. reported better-than-expected results for its third quarter amid strong online sales.   The home decor retailer said it is still looking for a CEO to succeed Alex Smith, who steps down at year-end. It appointed company chairman Terry London to fill in as interim president and CEO, effective Jan. 1.  

Digital payments are getting a boost through a new partnership.   A strategic agreement between Citi and PayPal will enable Citi cardmembers to use their credit cards with PayPal seamlessly online, in-app or in-store in 2017. The agreement makes Citi the first global bank to partner with PayPal and tokenize cards for customers that want to use PayPal for in-store purchases, across Mastercard and Visa portfolios in the U.S.