Legislative, Regulatory & Legal

All of the proposals voted on at Walmart’s shareholders’ meeting last Friday were defeated, but the official tally of results filed with the Securities and Exchange Commission last night revealed one proposal that drew a surprisingly large number of votes.

They both serve on the Walmart board of directors and were re-elected by shareholders at the company’s annual meeting last week, but for some reason they also drew the largest number of negative votes, according to results of the election Walmart filed with the Securities and Exchange Commission late Thursday.

WASHINGTON — The retail industry won a big victory in Washington, D.C., as the Senate defeated an amendment that proposed to delay swipe-fee reform for another 12 months.

Washington, D.C. -- On Wednesday, the Senate rejected the Tester-Corker amendment to delay swipe-fee reform.

Ann Arbor, Mich. -- Borders Group said Thursday that it is faced with closing dozens of its best-performing stores due to a requirement of its bankruptcy financing if their landlords don't agree to extend a lease-negotiation period.

Borders, which filed for bankruptcy protection in February, has extension agreements for 365 stores. But the book seller said in a court filing Thursday that it is still negotiating extensions for 51 stores, many of which are among its top-selling stores, including one near Penn Station in New York.

Matthews, N.C. -- Activist investor William Ackman on Thursday disclosed ownership of an 8.9% stake in Family Dollar, according to a regulatory filing.

The investment makes Ackman and his Pershing Square Capital Management investment fund the largest owner of Family Dollar stock, increasing his holdings from 4.7% to the nearly 9%.
 

Bangalore, India -- A Wednesday report by Bloomberg said that Wal-Mart Stores, in its joint venture with Indian company Bharti Enterprises, plans to triple its wholesale outlet locations in India this year.

The report comes as Wal-Mart and other foreign retailers have been blocked from opening retail outlets in India, and are permitted only to set up wholesale locations.

Frank Yiannas, VP food safety and health at Walmart, was named vice chair elect of The Global Food Safety Initiative (GFSI), an organization created in 2000 by The Consumer Goods Forum. Yiannas will assume the role of vice chair in February 2012 when current vice chair, Yves Rey, corporate quality general manager, at Danone becomes chairman.