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Legislative, Regulatory & Legal

  • Fitch: Inversion rules won’t deter Burger King/Tim Horton's merger

    Chicago -- The strategic merits of Burger King Worldwide's leveraged buy-out of Tim Hortons Inc. will be tested by Monday's enactment of tightened U.S. Treasury tax rules on U.S. companies seeking to re-domicile their headquarters in countries with more favorable tax systems, according to Fitch Ratings. The new regulation is meant to reduce the attractiveness of inversions and is effective immediately.

  • RadioShack, ‘major vendor’ in finance talks

    Fort Worth, Texas – Beleaguered consumer electronics chain RadioShack Corp. says it is in talks with an unidentified “major vendor” about modifying a commercial agreement in a way that could benefit a financial restructuring. RadioShack announced the ongoing discussions in a Sept. 22 regulatory filing.

  • Report: Tesco suspends execs who overstated profit

    New York -- British supermarket retailer Tesco suspended four executives, including its U.K. managing director, after revealing that its half-year profit was overstated by $407 million, the BBC reported. The retailer has launched an investigation headed by Deloitte.

    Tesco CEO Dave Lewis, who took over the struggling company in September, said the decision to ask employees to stand aside was not an indication of guilt or that disciplinary action was warranted. He declined to speculate on what the investigation might turn up.

     

  • Report: Court overturns $1 million RadioShack receipt settlement

    Fort Worth, Texas – A class-action settlement RadioShack Corp. reached with consumers that offered them $10 vouchers as compensation for printing their credit and debit card expiration dates on receipts has reportedly been overturned by the 7th U.S. Circuit Court of Appeals in Chicago. According to Reuters, a panel of three federal judges said the total $1 million settlement is too small considering the amount of legal fees that must be paid.

  • Safeway seeks to buy out senior notes

    Pleasanton, Calif. – Safeway Inc. is offering to pay cash consent fees to holders of three series of senior notes due in 2017, 2018 and 2019. Note holders who accept the fees would release Safeway of the obligation to repurchase the notes at 1% interest when its expected fourth quarter merger with Albertson’s LLC occurs.

  • Albertsons and Safeway name post-merger leadership team

    Boise, Idaho - Albertsons and Safeway Inc. announced the new senior leadership team and division leaders  for the combined company that will take effect upon the closing of their proposed merger. The deal is expected to close in a few months.

    Safeway president and CEO Robert Edwards will serve as CEO of the combined company and current Albertsons CEO Bob Miller will become executive chairman.

  • RILA adds two execs to leadership team

    The Retail Industry Leaders Association (RILA) has appointed Sue Pifer as VP of compliance and Tiffin Shewmake as the director of the Center for Retail Compliance (CRC).

    “The experience and skills that Sue and Tiffin possess make them uniquely suited for delivering exceptional value to our member companies on a broad range of compliance issues. We are excited to have them join the RILA team,” said RILA president Sandy Kennedy.

  • Family Dollar rejects Dollar General’s tender offer

    Matthews, N.C. -- The heated battle for Family Dollar Stores rages on, with Family Dollar on Wednesday rejecting a $9.1 billion takeover bid from rival Dollar General and reaffirming its support of its deal with Dollar Tree. Family Dollar also urged shareholders not to tender their shares to the competing chain.

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