Legislative, Regulatory & Legal

Walmart has created 78 subsidiaries and branches in 15 offshore tax havens in a bid to cut the corporate giant's taxes on its foreign operations, according to Bloomberg.

The company holds at least $76 billion in assets through shell companies based in the low-tax havens of Luxembourg and the Netherlands, said Bloomberg, who quoted a report by Americans for Tax Fairness, an organization backed by national, state and local labor and community groups.

New York -- Federal regulations governing unmanned aircraft systems, or drones, will be in place by this time next year.

Most retailers won’t be ready, but Amazon says it will be as soon as the feds are. Testifying at a congressional hearing on June 17, Paul Misener, Amazon.com’s VP of global public policy told lawmakers it would be ready to deliver packages via its service branded as Prime Air as soon as federal rules are in place.

Federal regulations governing unmanned aircraft systems, or drones, will be in place by this time next year.

Most retailers won’t be ready, but Amazon says it will be as soon as the feds are. Testifying at a congressional hearing on June 17, Paul Misener, Amazon.com’s vice president of global public policy told lawmakers it would be ready to deliver packages via its service branded as Prime Air as soon as federal rules are in place.

Costa Mesa, Calif. — Anna's Linens Inc. announced it filed for  Chapter 11 bankruptcy court protection on June 14. The retailer said it is working to negotiate a sale to DW Partners, a multi-strategy fund manager with $6 billion in assets.

The asset management firm would become “the stalking horse” bidder, and make the initial bid in a bankruptcy auction sale.

Toano, Va. – The executive shakeup continues at Lumber Liquidators as the company integrates the leadership of its merchandising and marketing departments. Marco Q. Pescara, the company's chief marketing officer since 2006, has been promoted to serve as chief merchandising and marketing officer effective June 19.

Pescara will lead the company's marketing and merchandising functions. The employment of William K. Schlegel, current chief merchandising officer, will be terminated effective June 19.

Target’s annual meeting was pretty much a non-event on June 10, aside from the fact that a corporate structure in which Brian Cornell serves as both chairman and CEO doesn’t sit well with many shareholders. 

Lumber Liquidators former chief merchandising officer William Schlegel is the latest casualty of an ongoing management overhaul by company founder and Chairman Tom Sullivan that also claimed the jobs of the CEO and CFO.

Sullivan continues to clean house at the company he founded 20 years ago after a damning report by 60 Minutes raised concerns about the company’s product sourcing practices and allegations of circumventing federal laws.

During the next several months, many U.S. retailers will begin transitioning their point-of-sale systems to accept EMV (Europay, MasterCard and Visa) technology. EMV-ready cards are most frequently recognized by the presence of a small security chip embedded in the card itself. This technology is not new – it has been in use in Europe, Canada and much of the world for years.