Allegations that Wal-Mart Stores Inc. covered up the findings of an internal probe that proved its Mexican subsidiary bribed officials in that country could have huge implications for the world's biggest retailer and its executives.
NEW YORK (AP) -- Allegations that Wal-Mart Stores Inc. covered up the findings of an internal probe that proved its Mexican subsidiary bribed officials in that country could have huge implications for the world's biggest retailer and its executives....
The world's largest retailer faces new challenges at a time when low prices and one-stop shopping can be a few clicks away on a tablet computer or mobile phone. Wal-Mart Stores Inc. built its reputation on everyday low prices and convenient supercenters that allow customers to do all their shopping in one place.
Wal-Mart Stores Inc. is creating a new global compliance officer position following reports that the retailer covered up results of an internal probe proving that its Mexican subsidiary bribed officials there.
Hewlett-Packard Company (HPQ) has been under investigation from US regulators since late last year. The computer maker’s Russian unit – ZAO Hewlett-Packard AO – pleaded guilty yesterday to the claim that it had bribed Russian government officials for a contract. The unit faces fines of almost $59 million for its conduct.
In a move to expand its e-commerce business, Wal-Mart Stores Inc. (NYSE:WMT) has officially announced to match its product prices with competitors like Amazon.com Inc. (NASDAQ:AMZN) and Target Corporation (NYSE:TGT). Company executive Greg Foran has revealed the practice is already in place in almost half of Wal-Mart’s 5,000 stores in the US.
Greg Foran, who takes charge of Wal-Mart Stores Inc.’s U.S. division on Aug. 9, inherits a chain wedded to an outdated big-box model, struggling to increase sales in its stores and online, and losing customers because it can’t keep stores adequately stocked. The sluggish U.S. performance contributed to lower-than-projected sales and profit in the quarter that ended April 30. Wal-Mart’s profit forecast for the current quarter also came in lower than analysts’ estimates.
From today's WSJ, an editorial by Charles Fishman, on Wal-Mart's attempt to open stores in NYC, and the typical, expected opposition it faces (but which apparently Home Depot, Target and Family Dollar didn't face):