Wal-Mart’s $640 Million Sneeze
Wal-Mart will pay as much as $640 million to settle 63 lawsuits around the country alleging that the retailer had exploited its workers. The payout could add up to less than 0.1 percent of the company's revenues this year.
Wal-Mart will pay as much as $640 million to settle 63 lawsuits around the country alleging that the retailer had exploited its workers. The payout could add up to less than 0.1 percent of the company’s revenues this year.
Wait, before you go…Bloomberg:
The agreement comes five weeks before Mike Duke takes over from outgoing Chief Executive Officer H. Lee Scott, who has overseen a sales resurgence and sought to burnish Wal-Mart’s image among environmentalists, politicians and labor groups. Wal-Mart may pay from $352 million to $640 million, potentially less than 0.1 percent of its $378.8 billion in revenue in 2008.
“In terms of money, it doesn’t move the needle at Wal-Mart, but cleaning it up is going to be viewed as a positive by everyone, including Wall Street,” Howard Davidowitz, chairman of Davidowitz & Associates Inc., a New York-based retail consulting and investment banking firm, said in a phone interview. “They don’t want to pass this along to the next CEO.”
If you're reading this, you probably already know that non-profit, independent journalism is under threat worldwide. Independent news sites are overshadowed by larger heavily funded mainstream media that inundate us with hype and noise that barely scratch the surface. We believe that our readers deserve to know the full story. Truthdig writers bravely dig beneath the headlines to give you thought-provoking, investigative reporting and analysis that tells you what’s really happening and who’s rolling up their sleeves to do something about it.
Like you, we believe a well-informed public that doesn’t have blind faith in the status quo can help change the world. Your contribution of as little as $5 monthly or $35 annually will make you a groundbreaking member and lays the foundation of our work.
Support Truthdig
There are currently no responses to this article.
Be the first to respond.