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Princesse Tam Tam Founders Killed During Attacks
Page 1
US Reacts to Chinese Subsidies
Page 1
Wal-Mart
Fined $1.4M
Page 1
International Lingerie Show
Page 2
Intimate Graphics
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Waterproof Fabrics
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McPete Sez
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International Lingerie Show
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Ask Kevin
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Ask Andy
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Bras For Men
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Mayo Sets World Record
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December 1, 2008
Issue #230
9/24
Intimate Apparel
Sleepwear-Daywear-Foundations-Loungewear-Hosiery-
Lingerie-Swimwear-Dancewear-Clubwear
Ready-to-Wear
Princesse Tam Tam Founders
Killed During Attacks
Loumia Hiridjee and her husband Mourad Amarsy, founders of Princesse Tam Tam, were among the 130 people who
were killed in the terrorist attacks in India's financial capital last week.
They had been dining at the Oberoi Hotel in Mumbai during the attacks on November 26.
Indian forces were battling Islamist insurgents who launched the coordinated attacks on two luxury hotels
and other targets, leaving more than 130 people dead.
Among the foreigners killed were nationals from Germany, Japan, Canada, Australia and the United
States.
Foreign Minister Bernard Kouchner said that around 20 French nationals and an Air France crew trapped at the
five-star Oberoi/Trident hotel had been rescued, but that there could still be others in need of help.
Hiridjee came from a family of Indian merchants, who had settled in Madagascar off Africa's eastern coast.
She and her sister, Shama Hiridjee, studied in France and created a first Princesse Tam Tam collection in
1985. The company now operates in more than 40 countries.
US Reacts to Chinese Subsidies
A US textile trade group has reacted angrily to measures taken by the Chinese government to help its
textile industry - and says it is further evidence that tough action is needed when existing restrictions
against Chinese imports are lifted at the beginning of next year.
The comments from the National Council of Textile Organizations (NCTO) came after the Chinese government
decided to increase the export tax rebate currently given to Chinese textile and apparel exporters from 14%
to 17%.
This move followed two similar increases already given to Chinese industry earlier this year, for an overall
increase in the export rebate from 11% to 17% - an increase of 55% since July 2008.
As a result, NCTO says, Chinese exporters have seen export subsidies from the Central Government increase
from $19bn to $29bn in the last four months.
NCTO president Cass Johnson now wants the Obama Administration to take tough actions against what it
describes as "China's predatory practices."
In particular, the trade group wants the new Congress to self-initiate trade remedy cases against China, if
imports surge when existing quotas are removed on January 1, 2009.
5/24
Wal-Mart Fined $1.4M
US retail chain Wal-Mart has agreed to pay a US$1.4m
penalty after an investigation by Californian authorities found evidence of price-scanning errors.
The company has also vowed to give customers $3 back when future pricing mistakes are found at the cash
register.
The California Attorney General's office began its investigation in December 2005, following up on
allegations that Wal-Mart stores in California were scanning items at prices higher than those advertised
on store shelves and signs.
Using random price-checking, state authorities found that 164 Wal-Mart Stores in 30 counties had made
scanning errors. On average, customers who were overcharged paid an extra $8.40 at the checkout, a
statement by the California Attorney General said.
Items sold with price-scanning errors included sports bras in Ventura, San Diego, Los Angeles, San
Bernardino, Stanislaus, Siskiyou and Tuolumne Counties from late August to November 2006; woven shirts in San
Diego, Sacramento, Ventura, Los Angeles and San Bernardino Counties in January and February 2007; S/S
Polo in San Diego County in December 2007; Hanes underwear in Los Angeles County from December 2004 to
February 2005; and a pair of men's pants in San Diego and Tuolumne Counties in October and November 2006.
"We found price-scanning errors in Wal-Mart stores across California," California Attorney General Edmund
G Brown Jr said. "Consumers saw one price in the aisles, but were charged a higher price at the cash
register. With this agreement, Wal-Mart will give customers $3 back when pricing mistakes are found at
the cash register. In these tough times, this will help
consumers as the holiday season approaches."
Wal-Mart's $1.4m fine includes restitution, civil penalties and reimbursement for investigative costs,
and it will also pay $50,000 to the State Consumer Protection Prosecution Trust Fund.
As part of the settlement agreement, Wal-Mart also agreed to implement a pricing accuracy program in
California for at least four years.
A spokesperson for Wal-Mart said "We always strive for 100% pricing accuracy. If we do find pricing
discrepancies, we're committed to making it right for our customers, and are initiating additional practices
to do just that."
2/24 Watch
Tia Lyn's NY Fashion Show with beautiful models of ALL SIZES!
Woolworths Enters
Administration
Beleaguered UK retailer Woolworths has gone into administration after running up debts estimated at
GBP385m (US$594m).
Administrators at Deloitte said that "a number of parties" had expressed interest in buying all or part
of the company, which has about 800 stores throughout the UK, employing some 25,000 people.
Joint administrators Neville Kahn, Nick Dargan and Dan Butters are also handling the operations of
Entertainment UK, Woolworths' wholesale division and the UK's leading distributor of entertainment products.
The company employs an additional 5,000 staff.
"Woolworths has suffered a number of cash flow problems," said Kahn. "Strenuous efforts over recent
weeks to keep these companies going have unfortunately failed and the businesses are now looking to be rescued
under the administration process."
Kahn said Woolworths stores would remain open "past Christmas", with all employees paid.
"We have mobilized a large Deloitte team to stabilize the business and have hired Hilco as our agent to
assist in the management of the retail business," he added.
A last-minute deal to sell Woolworths and its debts to Hilco for the nominal sum of GBP1 had earlier
collapsed.
"We will be looking for a suitable buyer for all parts of the business," said Butters. "In the last 24 hours
we have received expressions of interest from a number of parties for both the retail and wholesale
businesses.
"We are working hard to ensure that any sale of the business, in whole or part, will preserve jobs."
Woolworths, which sells everything from sweets to electrical goods and garden furniture, also owns
Ladybird children's wear and recently signed a deal with value fashion retailer Store 21 to launch
concessions in its stores selling fashion, footwear and accessories.
Saks To Guard Against
Hostile Takeover
Saks Incorporated has introduced a change to its share structure to prevent a hostile takeover after Mexican
billionaire Carlos Slim Helu increased his stake in the luxury retailer to 17.8%.
Under the new rights agreement authorized by the board November 26, one preferred share purchase right will be
distributed for each outstanding share of Saks common stock.
If a person or group acquires 20% or more of Saks' common stock or launches a tender offer, shareholders
would be entitled to block the bid by buying shares at a 50% discount.
In addition, if Saks is sold after an individual has acquired a stake of 20% or more, shareholders will be
able to buy the shares in the acquiring company at a 50% discount.
The board can also halve the 20% thresholds to 10%.
The move comes after Carlos Slim Helu purchased nearly 7.6m shares in Saks, taking his stake to 25m shares and
making him the company's biggest investor.
Saks Inc, which operates 53 Saks Fifth Avenue stores and 51 Saks Off 5th stores, reported a third quarter
loss of $42.8m, as total sales fell 12.3% to $698m and same-store sales declined 11.5%.
It is also in the process of closing of its unprofitable Club Libby Lu stores, which
specialize in young girls' clothing.
Bankruptcy Court Approves
Boscov's Sale
A US bankruptcy court has approved the sale of Boscov's
to a family-held investment group led by Albert Boscov and Edwin Lakin who are both former executives of the
department store chain.
"Today marks an important milestone in Boscov's restructuring and more importantly for the future of
our company," said Ken Lakin, chairman and CEO.
He added that the sale agreement "maximizes the value of our business and allows us to move forward with a
solid financial base to establish a stronger and more competitive business."
The regional retailer, which has 39 stores and claims to be America's largest family-owned independent
department store, filed to reorganize under Chapter 11 on August 4.
It fell victim to the spending slump that has seen consumers cut back on discretionary spending and seek
out bigger bargains at discount stores.
The stores' local focus has also made it difficult to strike deals for private label lines or exclusive
merchandise brands.
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