Businesses Brace for Hurricane Sandy
Retailers up and down the East Coast spent the weekend bracing for Hurricane Sandy — one of the largest storms to hit the region in decades. Hurricane-force winds were expected along portions of the coast between Chincoteague, Va., and Chatam, Mass., according to the National Hurricane Center, which also warned of a storm surge.
This week isn’t a critical sales period, though the storm has already impacted Halloween-related sales. The shortfall could be made up through sales of cleanup equipment, canned foods, candles, bottled water and other disaster and survival-related items.
Trial Date for Dolce and Gabbana
Domenico Dolce and Stefano Gabbana are to stand trial in court on Dec. 3. As they are charged with omitted and unfaithful earnings declaration, they are not to go through a preliminary hearing. The designers were originally absolved of the claims by a lower court in April 2011. In February, the Italian Supreme Court laid out the reasons why it had decided to reopen the case, alleging Dolce and Gabbana and several business associates evaded taxes. The Supreme Court said tax avoidance, or tax mitigation, on an earnings declaration is a criminal offense under the law.
This is a major ruling since tax avoidance — which allows taxpayers to take advantage of certain benefits, such as creating a separate legal entity to which one’s property is donated, for example — previously was not considered a crime.
WWD CEO Summit Canceled
WWD’s Apparel and Retail CEO Summit has been canceled due to the impending hurricane approaching the New York region… with an announcement on their website this morning.
A small note was a headline on their front page this morning that read: “The Summit had been scheduled for Oct. 29 and 30 at The Plaza hotel. WWD’s editors and publishers are examining possible future dates to reschedule the event and will keep registered participants, speakers and sponsors informed. We regret any inconvenience and thank all participants for their efforts.”
– Taneisha Jordan
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