Hobby Lobby announces pay raise

Oklahoma City Arts-and-crafts retailer Hobby Lobby Stores plans to give out pay raises to its full-time employees, according to a report in the Oklahoman.

The company is granting a pay hike to full-time hourly workers who earn up to $13 per hour. More than 6,900 employees throughout the corporation will receive pay increases.

In another move that seems to defy the tight economy, the retailer also established a company-wide $10 minimum wage rate for all full-time employees, according to the report.

Hobby Lobby Stores, which reported revenue of $1.8 million in 2008, has more than 400 locations stores in 33 states.