Retail Briefs

Saks Incorporated reported that the internal investigation by its Audit Committee into improper collections of vendor markdown allowances (disclosed on March 3) that was scheduled for completion by the end of March is now expected to be finished this month.

The Audit Committee's investigation of vendor markdown allowances relates to one of Saks Fifth Avenue's six merchandising divisions, the adequacy of an initial internal investigation in 2002 into this matter, and accounting and disclosure issues that have arisen in the course of the Audit Committee's investigation, stated the company.

Former Sears Roebuck shareholders will receive $5.1 billion in cash, according to EquiServe Trust Company, N.A., the exchange agent which announced the final results of the Sears/Kmart merger elections.

Holders of nearly 7.4 million shares of Sears, Roebuck stock elected to receive $50 per share in cash during last month's merger vote. Those holding 197.7 million shares voted to swap each share of old stock for a 0.5 share in new Sears Holding Corp. stock. Shareholders who failed to vote — which accounted for nearly 21.2 million shares — will receive $50 in cash for each share.

Kmart shareholders received a one-to-one share exchange in the new company, which issued 157.4 million shares to former Kmart and Sears, Roebuck shareholders.

Wal-Mart Stores, Inc. has started an advertising campaign geared toward the Asian Pacific American market.

The original television, print and radio ads were developed in Cantonese, Mandarin, Vietnamese and English with the assistance of IW Group, an Asian American advertising and marketing company based in Los Angeles.

The ad campaign began April 1 in select U.S. cities, including Los Angeles, Houston, San Diego and San Francisco.

The retail weather forecast for April calls for less favorable conditions than last year driven mainly by a very difficult week three, marking the start of an extended negative trend, according to Paul Walsh, vice president and meteorologist for Planalytics.

However, Walsh predicted positive trends for weeks one and two could drive stronger consumer reaction than would be expected, capturing sales that didn't occur in March due to the extended unfavorable weather and the onset of cabin fever. He continued that the West Coast will show less favorable buying than last year, when comps were positive.