Chinese given more time in Redman suit
Sales Chief Enterprises now has until Friday to offer response to an amended lawsuit filed by Redman & Associates LLC in in U.S. District Court of the Western District of Arkansas.
Redman & Associates updated its complaint on Feb. 15, alleging that Sales Chief cost the Rogers company a $70 million contract with Wal-Mart Stores Inc. Judge Timothy Brooks granted Sales Chief, which is based in China, an extension on the original Wednesday deadline.
Sales Chief, according to the Redman & Associates complaint, changed the terms of a credit agreement that made it difficult for the Rogers company to continue meeting orders from Wal-Mart. According to the complaint Redman & Associates was under contract to produce more than 500,000 ride-on toys annually as part of Wal-Mart's commitment to buy an additional $50 million of American-made products by 2023.
Redman & Associates, which filed its original complaint on Sept. 5, closed a 270,000-square-foot plant in Rogers last year. Layoffs were a direct result of a soured relationship with the Chinese supplier, the lawsuit alleges.
-- Chris Bahn
NLR firm ranks third supplying post office
Pat Salmon & Sons was third on the U.S. Postal Service's list of top suppliers for 2014.
The North Little Rock-based company drew $226 million in revenue during the fiscal year ending Sept. 30, finishing behind FedEx ($1.4 billion) and Energy United Electric Membership Corp. ($433.9 million). The company rose one spot after finishing fourth during fiscal 2013, taking in $217.9 million in revenue.
The top 150 list of suppliers is compiled annually by Missouri-based Husch-Blackwell law firm partner David Hendel, according to a news release. The list is based on data received from the U.S. Postal Service through Freedom of Information requests.
Salmon & Sons began in 1946 as a U.S. Mail carrier operating one route from Harrison to Little Rock. The company is now the largest ground transportation supplier to the U.S. Postal Service.
-- Robbie Neiswanger
State index off 3.08 as market falls back
The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, dropped 3.08 to 395.05 Wednesday.
"U.S. stocks ended lower on Wednesday as markets weighed some mixed economic data ahead of Friday's nonfarm payroll report," said John Blackwell, senior vice president and managing director of equity trading at Stephens Inc. in Little Rock.
Tyson Foods Inc. shares fell 2.3 percent.
Acxiom Corp. shares declined 1.9 percent.
Murphy Oil Corp. shares rose 4 cents, and Windstream Holdings Inc. shares gained 2 cents.
The index was developed by Bloomberg News and the Arkansas Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.
Business on 03/05/2015