- The Wall Street Journal reports that Kmart Corp. is suing Eastman Kodak Co for $48 million, saying that is how it is due in incentive, advertising and marketing payments. Kodak processes film for Kmart customers and provides photo-developing materials to the retailer's stores.
- Consulting firm Retail Forward predicts that 2003 will be the a tough year for retailers, as it is expected to be marred by bankruptcies, store closing, and shakeouts. Frank Badillo, senior economist at Retail Forward, said in a conference call yesterday that food retailers are expected to continue to lose share to Wal-Mart and Target as consumers continue to gravitate toward value-oriented retailers.
- The NASDAQ said yesterday that if Nash Finch wants its shares to continue to be listed on the exchange, it must file its third quarter report with the US Securities and Exchange Commission (SEC) by March 19. The company has delayed filing because of an internal accounting review, and is also the subject of an informal inquiry by the SEC.
- Seven-Eleven Japan announced that it has plans to open 1,000 new c-stores over the coming year, while closing about 300 underperforming stores. The company has more than 9,400 units in Japan, with expectations that this total will reach 10,000 by the end of the year.
