Shoppers got back in the buying mood in July, propelling sales at the nation’s retailers up by 1.4 percent, the most in six months. The snapback reported Friday by the Commerce Department came after shoppers hunkered down in June, depressing retail sales by 0.4 percent, according to revised figures. June’s sales turned out to be even weaker than the 0.1 percent dip reported a month ago.
Wal-Mart exec gets home detention
A former No. 2 Wal-Mart executive who began his career as the theft prevention chief was sentenced Friday to 27 months in home detention after pleading guilty to stealing money, merchandise and gift cards from the retailer. Thomas Coughlin, 57, avoided any prison time because of bad health but was ordered also to serve five years probation and pay a $50,000 fine and about $411,000 in restitution to Wal-Mart Stores Inc. and the Internal Revenue Service. Prosecutors had sought jail time, but the judge agreed with defense attorneys that Coughlin likely wouldn’t survive a prison term.
Apple misses Nasdaq deadline
Apple Computer Inc. maneuvered Friday to keep its shares listed on the Nasdaq Stock Market after reiterating its mishandling of past employee stock options will cause it to miss a regulatory deadline for filing its latest quarterly results. Apple will ask for an administrative hearing in response to a Nasdaq letter warning of delisting because of the company’s delay in making its quarterly report to the Securities and Exchange Commission. By requesting a Nasdaq hearing, Apple ensured its shares will remain listed until a two-person panel reviews the matter and then issues a ruling. That process generally takes two to three months to complete.
Investors purchase Whistler ski resort
The owner of the Mammoth, Stratton and Whistler ski resorts has agreed to be acquired by private equity firm Fortress Investment Group LLC for about $1.81 billion cash. The acquisition Friday of Intrawest Corp., whose properties also include luxury safari operator Abercrombie &Kent and the Tremblant ski resort in Quebec, is the biggest-ever buyout of a publicly traded resort operator and the third-largest private equity acquisition of a Canadian company. The $35-per-share cash offer represents a 32 percent premium over Intrawest’s Thursday closing price. The offer also calls for Fortress to assume about $992 million in debt, according to an Intrawest spokesman. Intrawest shares surged $7.67, or 29 percent, to close at $34.18 on the New York Stock Exchange.
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