News

New York -- Wal-Mart Stores Inc. will adjust its future financial reports to add more detail on legal proceedings and cyber security after U.S. regulators asked the retailer to better explain certain matters in its latest quarterly and annual filings, Reuters reported.
   
Wal-Mart's correspondence with the U.S. Securities and Exchange Commission took place in June and July and was made public on Monday.

Best Buy founder and former chairman Richard Schulze on Monday offered to buy the struggling retailer and take it private for as much as $8.8 billion. Schulze said he would offer Best Buy shareholders between $24 and $26 for each of their shares in the chain, according to a letter sent to the board that he made public.

In addition to a John Fleming sighting in Minneapolis, Walmart alums John Menzer and Craig Herkert made news of their own this week.

Menzer resigned as CEO of Michaels following a stroke he suffered back in April, while Herkert was let go from his CEO role at Supervalu following a string of poor results.

SECAUCUS, N.J. — Panasonic has expanded its growing portfolio of beauty products with the launch of three new products: a heated eyelash curler, precision body shaver and facial hair trimmer.

The newest products join Panasonic's current beauty product portfolio, which includes facial steamers, pore cleansers and bikini trimmers.

DALLAS — A lawyer representing former Tuesday Morning CEO Kathleen Mason asserts the closeout retailer fire her upon learning she was diagnosed with breast cancer.

Kathleen Mason, the former President and CEO of the Dallas-based, closeout retailer, has filed charges of disability discrimination against her former employer with the Equal Employment Opportunity Commission (EEOC).
 

GREEN BAY, Wis. — Shopko has named Craig Gourley as its new SVP, general merchandise manager home and hardlines.  

In this position, Gourley will report to Jill Soltau, EVP, chief merchandising officer, and will be responsible for overseeing all aspects of merchandising for the home division including developing strategies, negotiation vendor partnerships and managing the buying team.

MATTHEWS, N.C. — Harris Teeter plans to expand its presence in existing markets, the company said in its third-quarter earnings release.

GRAPEVINE, Texas — GameStop has partnered with Activision to offer its customers the exclusive chance to pre-order the Golden Dragonfire Cannon Battle Pack that expands their Skylanders Giants game play with new battle arenas and figures. This limited edition battle pack features the Golden Cannon and unlocks an exclusive in-game battle arena.

And the award for the world’s largest in-store display goes to Procter & Gamble for an Olympic themed creation the consumer products company dropped in the aisle of a Walmart store in American Canyon, Calif.

GLENDALE, Calif. — Paul Grimwood, CEO of Nestlé UK and Ireland, has been appointed to the role of chairman and CEO of Nestlé USA following the announcement by current chairman and CEO Brad Alford, who is to retire in October 2012.