Image via WikipediaWe know this story has been re-published throughout the blog, just bringing it to everyone's attention. The story broke about three weeks ago...
We'll take you through the timetable:
BJ's has an abysmal Third Quarter. (Read the entire Q3 report at Yahoo!.)
Further research to BJ's Wholesale Club dissatisfying Q3 numbers has BJ's and investors scapegoating the $11.7 Million Dollar wage and hour lawsuit which was settled during the end of the quarter as the main contributer to the terrible Q3 numbers.
More on the Lawsuit:
Press Release: http://www.tradingmarkets.com/.site/news/Stock%20News/2663574/
Klafter Olsen & Lesser LLP has reached a $9.3 million settlement of an overtime pay class action lawsuit against BJ's Wholesale Club Inc. (NYSE: BJ). The settlement, which is subject to Court approval, is intended to resolve claims that BJ's misclassified certain Mid Manager employees as exempt from receiving overtime for hours worked in excess of 40 hours per week.
Plaintiffs claim that they were misclassified because their primary responsibilities included hourly duties such as loading and unloading materials, stocking shelves and other activities which are not exempt under federal and state overtime laws Under the settlement, approximately 1,500 current and former Mid Managers employed by BJ's since November 2007 will be entitled to make claims to share in the recovery, based on the number of weeks they were employed by the company.
From BJ's.com, quote: "The settlement of the lawsuit is not an admission on the part of the Company of any wrongdoing. "
What are your thoughts? Any company wrongdoing here? Lot's of people complain that they do work outside their job classification, which allows companies to take advantage of most workers, what are your thoughts?
As far as chain expansion in the coming months:
"Chain expansion, club renovation, our technology roadmap and team member training and development. Our preliminary expansion plans call for 79 new clubs, including two in Massachusetts, one in Metro New York, one in Orland, Maryland and a club relocation in Rhode Island."
Keep the emails and posts coming,