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Stock Market & Financial Investment News

News Breaks
May 27, 2014
17:37 EDTANFAbercrombie & Fitch to pay additional assistant managers $96K in overtime wages
Klafter Olsen & Lesser LLP; Kellogg, Huber, Hansen, Todd, Evans, & Figel, P.L.L.C.; and Berger Attorney, P.C. announce that Abercrombie & Fitch Co. and Abercrombie & Fitch Stores, Inc., have offered to pay $96,110.04 to thirteen Assistant Managers for failing to pay proper overtime wages, in connection with a lawsuit filed in the Eastern District of New York, Hepler, et al. v. Abercrombie & Fitch Co., et al., 13 Civ. 2815. This is in addition to prior offers from Abercrombie & Fitch to pay other Assistant Managers who had joined the lawsuit. Abercrombie agreed to pay the Assistant Manager's attorney's fees and court costs to be determined by the Court. The claims arose under the Fair Labor Standards Act and asserted that Abercrombie violated the FLSA by failing to pay Assistant Managers all wages due and owing to them for working more than 40 hours a week. Abercrombie did not pay overtime to the Assistant Manager at time and one-half, and Plaintiffs alleged that its practice violated the law. Abercrombie claimed that the amounts offered to the Assistant Managers include all overtime wages owed plus liquidated damages, and interest. The full number of Abercrombie Assistant Managers who were subject to Abercrombie's pay practice is not known. Assistant Managers are continuing to join the lawsuit.
News For ANF From The Last 14 Days
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April 24, 2015
13:26 EDTANFAbercrombie & Fitch to end "Look Policy" for employees, Bloomberg reports
Abercrombie & Fitch will retire its "appearance and sense of style" hiring rule for employees, reports Bloomberg. Abercrombie brand President Christos Angelides and Hollister brand President Fran Horowitz said the changes to the dress code are part of their plan to cater to more shoppers. Reference Link
April 15, 2015
14:58 EDTANFAbercrombie & Fitch June calls active
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10:00 EDTANFOn The Fly: Analyst Initiation Summary
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06:56 EDTANFAbercrombie & Fitch initiated with a Neutral at Guggenheim
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April 13, 2015
06:22 EDTANFGap, Target, others scrutinized by NY AG over staffing practices, WSJ says
Several major retailer including Gap (GPS) and Target (TGT) are under investigation by New York Attorney General Eric Schneiderman over their staffing practices and whether they require workers to show up or stay home with little notice, The Wall Street Journal reports. Schneiderman sent letters warning Abercrombie & Fitch (ANF), JC Penney (JCP), Urban Outfitters (URBN), TJX Cos (TJX), Ann Inc (ANN), L Brands (LB), Burlington Stores (BURL), Sears Holdings (SHLD), Williams-Sonoma (WSM) and J Crew Group that he believes the chains are using on-call scheduling and that such practices may be in violation of New York laws. Reference Link

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