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Key Developments: Wal Mart Stores Inc (WMT)

WMT on New York Consolidated

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2 May 2016
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Latest Key Developments (Source: Significant Developments)

Wal-Mart Stores Inc probe in final lap with scant China findings - Bloomberg - Reuters News
Friday, 18 Mar 2016 10:33am EDT 

Wal-Mart Stores Inc:U.S. prosecutors are in the final phase of a globe-spanning investigation into bribery allegations at Wal-Mart Stores Inc., according to people familiar with the matter, who said work in China has been bedeviled by disclosure rules and lack of evidence. - Bloomberg.As part of a four-year investigation into alleged corruption at the retail giant, Justice Department officials over the past few months have been interviewing former executives and others associated with Wal-Mart’s China operations, according to people familiar with the matter.Investigators haven’t found widespread corrupt payments to government officials there, said the people, who asked not to be named because the investigation is confidential.That’s consistent with results as investigators have chased bribery allegations across the globe, starting with Mexico.In November 2011, Wal-Mart disclosed possible violations in Mexico to the Justice Department and Securities and Exchange Commission.The New York Times reported in April 2012 that company officials in Mexico had paid $24 million in alleged bribes and then shut down an internal investigation.  Full Article

Wal-Mart Stores Inc cuts more staff at headquarters - WSJ - Reuters
Thursday, 25 Feb 2016 09:30pm EST 

Wal-Mart Stores Inc:Wal-Mart Stores Inc. laid off more than 100 employees at its headquarters this week, adding to a string of staff cuts the retailer has made in recent months - WSJ.  Full Article

Wal-Mart Stores Inc - Asda, Tesco, Lidl and Waitrose recalls thousands of Mars chocolates -Leicester Mercury
Thursday, 25 Feb 2016 07:00pm EST 

Wal-Mart Stores Inc:One of the biggest chocolate manufactures in the world issued a major product recall on Tuesday affecting 55 countries after a customer found a piece of red plastic in Mars' chocolate - Leicester Mercury.Now supermarkets here in Britain have issued their own recalls of various Mars products, with four big chains issuing information to customers.Asda, Tesco, Lidl and Waitrose have now all issued separate notices relating to packets of Celebrations and Mars, Milky Way and Family Funsize.  Full Article

Wal-Mart Stores board approved annual cash dividend for fiscal year 2017 of $2.00 per share
Thursday, 18 Feb 2016 07:04am EST 

Wal-Mart Stores:Says board approved an annual cash dividend for fiscal year 2017 of $2.00 per share.  Full Article

Wal-Mart Stores Inc-owned supermarket chain Asda to cut hundreds of jobs -Sky News - Reuters
Monday, 18 Jan 2016 06:39am EST 

Wal-Mart Stores Inc:Sky News has learnt that Asda, which is owned by Wal-Mart, is to inform staff this week about the latest round of redundancies, which will be largely focused on its head office in Leeds - Sky News.The cuts will come after most of Asda's rivals posted better-than-expected sales performances during the important Christmas trading period - Sky News.Sources said the final number of redundancies from Asda's head office remained unclear on Monday morning but added that it would be "in the hundreds". - Sky News.Asda employs 170,000 people across the UK, including 3,000 at its head office. - Sky News.  Full Article

Wal-Mart Stores Inc - U.S. Consumer Product Safety Commission says Walmart recalls Rival griddles due to shock hazard - Reuters
Tuesday, 12 Jan 2016 01:46pm EST 

Wal-Mart Stores Inc:Walmart recalls rival griddles due to shock Hazard; sold exclusively at walmart - RTRS.U.S. consumer product safety commission says recall involves 330,000 rival brand electric griddles with model number xj-14207 - RTRS.  Full Article

Wal-Mart Stores Inc sued over sale of bullets used in Pennsylvania murders - Reuters
Thursday, 7 Jan 2016 06:40pm EST 

Wal-Mart Stores Inc:Wal-Mart Stores Inc, faces a lawsuit in Pennsylvania claiming store employees negligently allowed an underage, intoxicated customer to buy a box of bullets later used to commit three murders. - RTRS.The lawsuit, filed in Philadelphia by families of the victims, seeks compensatory and punitive damages from Wal-Mart and several employees at its Easton, Pennsylvania, store, where the bullets were purchased by Robert Jourdain on July 5 at 2:56 a.m. - RTRS.The Bentonville, Arkansas-based company operates stores under the Walmart name - RTRS.“At no time did the Walmart defendants ... require that Robert Jourdain present appropriate and valid identification,” the lawsuit says. “Nor did the defendants take any precautions to determine whether Mr. Jourdain was intoxicated.” - RTRS.Jourdain, then 20, walked out of the store with the bullets and handed them to Todd West, then 22, who loaded them into his .38 caliber Smith & Wesson revolver, the suit says - RTRS.About 15 minutes later, West randomly shot and killed a stranger, Kory Ketrow, 22, in Easton. Twenty minutes after that, he murdered Francine Ramos, 32, and Trevor Gray, 21, in Allentown. Both of them were strangers to him. - RTRS.Until recently, sellers of guns and ammunition assumed they were protected from liability by the federal Protection of Lawful Commerce in Arms Act. - RTRS.  Full Article

Wal-Mart Stores Inc - Chile regulator accuses Cencosud, Wal-Mart, SMU of price-fixing - Reuters
Wednesday, 6 Jan 2016 01:56pm EST 

Wal-Mart Stores Inc:Chile's competition regulator on Wednesday accused supermarket chains Cencosud CEN.SN and SMU SMU.SN and the local unit of Wal-Mart Stores Inc WMT.N of participating in a price-fixing scheme involving fresh chicken. - RTRS.It was the second time in three months that the regulator, FNE, said it had uncovered a price-fixing scheme affecting consumers, and a member of the Christian Democrat party, part of the ruling Nueva Mayoria political coalition, said such behavior must be punishable with jail time - RTRS.The FNE said it is looking to fine each company $22.9 million for their alleged participation in the scheme - RTRS.The FNE said the supermarket chains "knowingly adhered to a common scheme that replaced the risks of competition with shared practical cooperation in order to regulate the market and avoid price wars." - RTRS.It accuses the supermarket chains of "having participated in an agreement to fix, through their suppliers, a minimum selling price for fresh chicken, at least between 2008 and 2011, restricting competition in this market." - RTRS.At the end of 2011, Cencosud, SMU and Wal-Mart had a 92.5 percent market share of Chile's supermarket sector, the FNE noted - RTRS."The way to dissuade these types of behaviors is through a mix of increasing fines and establishing effective jail time for those who commit these crimes, which is something we don't have now," said Senator Jorge Pizarro of the center Christian Democrat party. - RTRS.  Full Article

Wal-Mart Stores Inc supplier recalls 90,000 lbs of potentially contaminated meat - Reuters
Tuesday, 5 Jan 2016 04:38pm EST 

Wal-Mart Stores Inc:A supplier to Wal-Mart Stores Inc WMT.N, the world's largest retailer, has recalled about 90,000 pounds of beef products that may be "contaminated with extraneous wood materials", the U.S. Agriculture Department said in a release on its website - RTRS.The recall involves Sam's Choice Black Angus Vidalia Onion brand beef patties supplied by the Minnesota-based Huisken Meat Company, according to the release dated Monday. Sam's Choice products are sold exclusively in Wal-Mart stores. - RTRS.There have been no confirmed reports of illness from consuming the product, according to the release. - RTRS.Wal-Mart has told its stores to pull and destroy the product, a company spokesman said, adding that customers who had purchased the item could return it for a refund - RTRS.The recalled items were produced between Nov. 19, 2015 and Dec. 9, 2015 with use-by dates in May and June of 2016. - RTRS.  Full Article

Wal-Mart Stores Inc - U.S. probe of Wal Mart-finds possible misconduct in Brazil- WSJ, citing sources - Reuters
Tuesday, 24 Nov 2015 04:54pm EST 

Wal-Mart Stores Inc:A U.S. investigation into potential foreign bribery by Wal-Mart Stores Inc. has unearthed evidence of possible misconduct by the retailer in Brazil - WSJ.after investigators found little to support the sweeping allegations involving Mexico that initially prompted the probe, according to documents and people familiar with the matter - WSJ.Federal prosecutors are examining $500,000 in payments that they believe ultimately went to an individual - WSJ.  Full Article

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Wal-Mart shrinks board to 12, founder's son to retire

Wal-Mart Stores Inc said on Wednesday it will shrink its board by three members to 12, bringing it closer to U.S. corporate norms in a move the largest U.S. retailer hopes would allow it to respond more nimbly to rapid market changes.

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