Legislative, Regulatory & Legal

Fairway, a popular New York metro area supermarket, announced in a regulatory filing that it is going public. The company said it expects its stock to price in the range of $10 to $12 per share as it looked to raise as much as $164 million.

Fairway operates 12 locations in the greater New York City metro area and in on track to open a store this summer in Manhattan's Chelsea neighborhood and one in Nanuet, N.Y, in the fall. 

CHICAGO — True Value reported “gross billings” of $451.9 million for the fourth quarter, up 2.3% from the same quarter last year.

“Gross billings” -- a term not used in the co-op’s 2012 earnings announcement -- is a measure of the total amount invoiced to customers, without subtracting discounts or adjustments.

The company’s revenue was $340.4 million, up 3.3% from the prior-year quarter.

WASHINGTON — The Grocery Manufacturers Association has named Karin F.R. Moore as VP and general counsel.

“I am pleased to welcome Karin to the GMA team,” said GMA president and CEO Pamela Bailey.  “Her legal skill and trade association management experience make her the logical choice for this position, and I am certain that she will provide great value to GMA and its member companies as we advance the association’s member-driven agenda.”

Home Depot announced that it has reached a tentative agreement in March to settle California lawsuits related to the sale of paints and coatings.

The company's recent 10-k filing with the Securities and Exchange Commission report followed up on 2010 allegations that the retailer sold products in three California counties and Los Angeles that exceeded the level of VOCs (volatile organic compounds) under the rules of the South Coast Air Quality Management District.

Oklahoma City -- CVS Caremark Corp. will pay $11 million to settle federal claims that the company’s pharmacies in the state violated record-keeping requirements of the Controlled Substances Act.

Federal prosecutor Sanford Coats said Wednesday that CVS has agreed to the settlement to resolve all allegations. However, while CVS said that its stores must comply with the record-keeping requirements, it does not admit liability.

New York -- A Securities and Exchange Commission filing on Tuesday revealed that embattled J.C. Penney CEO Ron Johnson saw his compensation package plummet 97% to about $1.9 million in 2012.

Johnson received a base salary of $1.5 million, up from his partial-year salary of $375,000 in 2011, but did not receive stock or option awards in 2012. That compares with a stock award worth $52.7 million on the date it was granted in 2011, when Johnson was named CEO.

New York -- The Securities and Exchange Commission on Tuesday said that companies can social media platforms such as Twitter and Facebook to make significant announcements as long as they alert investors about which sites they plan to use for the disclosures.

Hoffman Estates, Ill. -- An SEC filing on Thursday revealed that Sears Holdings Corp. former CEO Louis D’Ambrosio, who stepped down in February citing family health issues, saw his total compensation package shrink nearly 90% from the prior year.

According to the proxy statement filed with the Securities and Exchange Commission, Sears said D’Ambrosio's salary rose to $1 million in 2012 from $930,769 in 2011. However, the value of his perks, such as corporate housing and travel, shrank to $278,741 from $852,037 in 2011.