retail news in context, analysis with attitude

Bloomberg reports that Tesco is facing a new investigation, as Britain’s Groceries Code Adjudicator said that it will "review methods employed by Tesco that caused delayed payments to suppliers. The regulator has evidence that the practises 'were not isolated incidents' and that each involved 'a number of suppliers and significant sums of money,' it said in a statement on its website."

The probe is seen as "the latest fallout" from revelations that Tesco inflated its revenues and deflated its costs as a way of improving perceptions about its books, which has created both internal and external probes into its accounting methods, as well as considerable management tumult.

Time magazine has a piece about Starbucks CEO Howard Schultz, who, despite the fact that he has been extremely politically active and has criticized business-as-usual approaches in Washington, says he has no interest in running for office at the moment. The story also says that Schultz doesn't think he's temperamentally suited to the compromises required for a political career, and he dismisses the notion of either running for president as either a Democrat or a third-party candidate.

• The Lakeland Ledger reports that "Publix Super Markets Inc. has agreed to pay $30 million to settle a lengthy legal battle about overtime pay ... Publix had been accused of failing to pay required amounts of overtime compensation to department and assistant department managers who were paid on a 'fluctuating work week' basis.

Publix says that it vigorously defended the case and has denied all liability, but that "settling the lawsuit at this time was most beneficial to our stockholders."
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