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Legislative, Regulatory & Legal

  • Wet Seal defaults on $29 million

    Foothill Ranch, Calif. – Teen retailer Wet Seal Inc. has defaulted on a total of $28.8 million in senior convertible notes and related costs. In a regulatory filing, the struggling retailer  said it received notice of default on $27 million in notes from creditor Hudson Bay Master Fund Ltd., plus costs including attorneys’ fees and disbursements.

    Wet Seal has reached a two-week forbearance agreement with the fund, giving it until Jan. 12 to pay off the debt.

  • Expert Advice: Avoiding Wage & Hour Class Actions

    The statement  “class action for wage and hour violations” has become an all too familiar phrase in the retail industry. The issue is also a dynamic one with constant changes from year to year, and even month to month. The bad news is that the number of wage and hour class actions filed on a daily basis continues to rise. According to the Economic Policy Institute, the number of FLSA (Fair Labor Standards Act) cases filed in the federal court is more than five times the number 20 years ago.    

  • Experts predict fraud trends for 2015

    The new year will bring more fraud than ever before, but also more tools to prevent it, according to three experts from the Association of Certified Fraud Examiners (ACFE).

    The experts at ACFE were asked for their top fraud predictions for 2015. They weighed in on digital currencies, information security and other issues that will help shape the effort to prevent and detect fraud in the new year:

  • Retail groups rebut financial industry payment card claims

    Washington, D.C. - The Retail Industry Leaders Association (RILA) and six other merchant associations have sent a letter rebutting recent comments about payment card security from the Independent Community Bankers of America (ICBA). Specifically, the letter outlines three points.  

  • In a Class by Itself

     

    By Michael B. Adreani

     

  • Report: Minimum wage hikes to affect 1,400 Wal-Mart stores

    Bentonville, Ark. – Minimum wage increases scheduled to take effect in 24 states and Washington, D.C. will affect employees at more than 1,400 Wal-Mart stores and 200 Sam’s Club in the U.S. According to CNN, Wal-Mart said it has less than 6,000 employees currently earning the federal minimum wage of $7.25 an hour and has already been planning to pay all employees more than the federal minimum wage.  

  • Report – Labor Dept. investigates RadioShack retirement plans

    Fort Worth, Texas – The U.S. Department of Labor is reportedly investigating how RadioShack has been managing its 401(k) retirement plans for employees. According to the Associated Press, the Department of Labor notified RadioShack of the investigation with a letter saying it is looking at the retailer’s management of retirement plans going back to 2011.  

  • Family Dollar delays vote on Dollar Tree; good news for Dollar General

    New York City - In not-unexpected news, Family Dollar has delayed its shareholder vote on a potential acquisition by Dollar Tree; the vote is now slated for Jan. 22, and analysts say this could bode well for a potential deal with industry giant Dollar General.   Family Dollar convened as planned on Tuesday and, based on insufficient votes, subsequently adjourned its Special Meeting of Stockholders on the proposed transaction with Dollar Tree.  
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