Roundup: AEO to open stores in South Korea, Singapore and Greece; #1 Cochran buys Kerven Subaru in Butler; more
AEO to open stores in South Korea, Singapore, Greece
American Eagle Outfitters plans to open its first stores in South Korea, Singapore and Greece as part of a larger expansion abroad.
The South Side-based teen retailer said Tuesday that it has signed license agreements with third-party operators — SK Networks Co. in South Korea, Trendz 360 in Singapore and Notos Com Holdings in Greece — to open the locations this year. SK Networks Co. expects to open several American Eagle stores in South Korea starting in mid-2015, Trendz 360 would open its first store in Singapore in mid-2015, and Notos Com Holdings would open a location in Greece in the fall.
American Eagle said it expects to open 40 licensed stores in 2015. It has 111 licensed stores in 17 countries.
#1 Cochran buys Kerven Subaru in Butler
Auto dealer #1 Cochran said Tuesday that it has acquired Kerven Subaru in Butler and is operating the store out of a temporary location while a facility is built.
The Kerven franchise, renamed #1 Cochran Subaru of Butler County, moved into a vacant former dealership on New Castle Road while it awaits its facility to serve the Butler-Cranberry corridor. A location has not been chosen, according to a spokeswoman, though construction is expected to begin in the spring of 2016 and finish one year later.
Terms of the deal were not disclosed. It gives #1 Cochran, one of the largest auto sellers in Western Pennsylvania, its second Subaru store since buying the first Subaru franchise in 2006.
UPS settles complaint by government customers
United Parcel Service Co. agreed to pay more than $25 million to settle complaints that it kept false records to hide late deliveries of overnight packages to government customers.
The Department of Justice said Tuesday that the payment settles a whistleblower lawsuit filed by a former UPS employee, who will get $3.75 million.
A UPS spokeswoman said the company disputes the government's claim but settled the case to avoid long and expensive litigation.
The settlement does not include an admission of liability by UPS, said the spokeswoman, Susan Rosenberg. The company has improved training and technology since learning of the allegations, she said.
Nissan Versa investigated for alleged safety defect
Federal regulators are investigating the Nissan Versa subcompact since getting reports that a coil spring in the front suspension can fracture and cut the tires.
The investigation involves about 130,000 Versas from the 2008 through 2010 model years.
The National Highway Traffic Safety Administration says it has gotten 93 complaints from drivers about the issue and one report of a crash. In one case, the coil spring allegedly broke and sliced through a tire while the car was traveling 65 mph.
The agency says it has received no reports of deaths or injuries related to the issue.
Nissan says it's cooperating with the investigation. NHTSA investigations can lead to vehicle recalls.
PayPal may be fined $25M for illegal credit sign-ups
Federal regulators are proposing that PayPal Inc. pay $25 million to resolve allegations that it illegally signed up customers for its online credit product, used misleading advertising and mishandled billing disputes.
The Consumer Financial Protection Bureau announced Tuesday its proposed consent order against the digital payments processor. If the order is approved by a federal judge in Maryland, PayPal will refund $15 million to customers and pay a $10 million fine.
PayPal, based in San Jose, is a division of eBay Inc. The two companies plan to separate.
The CFPB said that PayPal signed up customers without their permission for the online credit product, formerly known as Bill Me Later and now called PayPal Credit. PayPal failed to post payments properly and lost payment checks, the agency said.
‘Snake proof' claim disputed
Safety regulators say Ohio-based Rocky Brands is recalling 1,800 pairs of “snake proof” hunting boots because their snake bite protection could fail.
The Consumer Product Safety Commission said the guard may not protect the wearer's feet from a snake bite. A Rocky Brands contractor was injured during a recent demonstration when the guard failed, the agency said.
Consumers should stop wearing the 16-inch-high rubber boots and contact Rocky Brands for a refund or free replacement, it said.
The boots were sold at retailers and online in March for about $200 per pair. They have a camouflage pattern on the foot and outside shaft, and the product number is RKYS153.
— Staff and wire reports
