In Brief: NYC Seeks Wal-Mart Documents… Rossi On Melrose
New York City Comptroller William Thompson Jr. wants Wal-Mart to make public internal records regarding the retailer's alleged investigation of shareholders and other activist groups who submitted shareholder proposals to the company.
NYC SEEKS WAL-MART DOCUMENTS: New York City Comptroller William Thompson Jr. wants Wal-Mart to make public internal records regarding the retailer's alleged investigation of shareholders and other activist groups who submitted shareholder proposals to the company. The controversy started in the spring when a Wal-Mart internal memo surfaced speculating about whether the comptroller and the others posed a threat. Wal-Mart has admitted that a company technician conducted unauthorized electronic surveillance of a New York Times reporter. In a letter, Thompson called "any attempts by Wal-Mart or its management to discourage shareholders' free and uncoerced exercise of their voting rights would constitute mismanagement, waste and/or illegality." Wal-Mart has said an internal inquiry showed no evidence of any illegal surveillance. Thompson's office controls about $400 million in Wal-Mart stock through government pension funds.
ROSSI ON MELROSE: Sergio Rossi is trading its Rodeo Drive store in Beverly Hills for a space on Melrose Place in Los Angeles. The 1,500-square-foot Melrose Place location is scheduled to open in fall after the Rodeo Drive store closes in July. Sergio Rossi, owned by the Gucci Group, joins Lambertson Truex, Mulberry and Colette on the growing list of accessories brands that have passed on Beverly Hills in favor of Melrose Place. "It is one of the most dynamic and chic retail neighborhoods in the U.S.," said Edmundo Castillo, creative director of Sergio Rossi, in a statement. The store move comes as Didier Bronnin settles into the role of Sergio Rossi's chief executive officer, which he assumed on June 18 following the departure of Isabelle Guichot, who became ceo of Balenciaga in May. Including Rodeo Drive, Sergio Rossi currently has five stores across the country and one outlet.
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