The federal minimum wage will rise from $5.85 per hour to $6.55 per hour starting July 24. Restaurants, already facing a tough economic climate, are being forced to raise menu prices to combat rising business costs.
Nordstrom CFO Michael Koppel is confident in the company despite a difficult economic environment. The retailer will open eight stores this year and five more in 2009, and will focus on an improved product line, he said.
Dublin, Calif., voted to ban the development of big-box stores within its city limits. Retail establishments larger than 170,000 square feet will be considered big-box, and membership stores, such as Costco, will be exempt.
The Sharper Image has filed for bankruptcy protection after an extended period of sluggish sales and heightened competition. The retailer plans to keep at least some stores open as it attempts to pay off creditor debts, but it plans to close 90 underperforming locations. Housewares retailer Lillian Vernon also filed for bankruptcy Wednesday.