Legislative, Regulatory & Legal

By Robert Machson,

New York City -- Kohl’s said it has notified the U.S. Securities and Exchange Commission that it is delaying filing its second quarter filing as its deals with previously reported errors in its accounting for both store and equipment leases. 

As a result of these and other less significant accounting corrections, Kohl's expects to record additional property and financing obligations on its balance sheet. The company said it doesn't expect the corrections to have an impact on the net increase or decrease in cash and cash equivalents reported.

WASHINGTON — The National Retail Federation announced that it has sent a letter to the congressional “super committee” on deficit reduction urging the panel to focus on initiatives that will boost the economy and create jobs.

New York City -- A Friday report by Reuters said that a former Borders Group employee is attempting to represent a class of about 300 Ann Arbor, Mich., workers in suing the bankrupt retailer for not giving proper notice of impending mass layoffs.

Starbucks CEO Howard Schultz has never shied away from supporting causes he believes in. But he has really gone on the offensive with his latest passions: political gridlock and the jobs crisis.

Bentonville, Ark. -- Walmart U.S. President and CEO Bill Simon addressed attendees at the American Legion's 93rd National Convention on Wednesday, telling fellow Americans, veterans and Legionnaires that Walmart would create jobs in the U.S. by hiring more than 15,000 people to work in about 100 new and expanded Walmart stores by fiscal year's end.

Camp Hill, Pa. -- Franklin Brown, the former vice chairman at Rite Aid, was freed from jail on Wednesday, according to the Associated Press.

Brown, who was initially sentenced to 10 years in prison for taking part in a $1.6 billion accounting scandal, was released following a resentencing hearing. He served six years of his sentence. An appeals court overturned Brown's sentence in May, AP said.
 

Picture this setting. The neatly manicured grounds of the spectacular Broadmoor resort are underfoot, the Rocky Mountains are in the background, and the sky above Colorado Springs is a crisp blue. Hundreds of dark-suited senior executives are milling about an early evening reception, sipping wine as white-gloved waiters offer curious looking hors d'oeuvres.

New York City -- A Wednesday report by Bloomberg said that Borders and Books-A-Million reached an agreement for a lease sale involved 14 Borders superstores and specialty stores for $934,209.

Citing documents filed Wednesday in U.S. Bankruptcy Court in Manhattan, the report said the store locations include Portland, Maine; Canton, Ohio; Concord, N.H.; and Mays Landing, N.J.

The agreement is conditional on approval by the bankruptcy court by Aug. 29. A deal for Books-A-Million to buy 30 Borders locations fell through in July.

Washington, D.C. -- The National Retail Federation welcomed plans announced by the Obama Administration Tuesday to streamline hundreds of government regulations, but said the plan does not go far enough.