Carvana upgrading
West Memphis site
Gov. Asa Hutchinson joined state and local economic development officials Tuesday in welcoming a $40 million investment Carvana is making in West Memphis.
The online used car retailer says it will create 400 new jobs over time at an inspection and distribution center in the city.
"Hundreds of skilled automotive professionals from the local workforce have risen to meet the demand created by the opening of this new facility, and I look forward to seeing how Carvana's investment continues to benefit the hard-working Arkansans in the Delta," Hutchison said in a statement.
Carvana's West Memphis facility includes 360-degree photo technology and augmented reality capabilities that allow customers to view vehicles in high resolution on their desktops or mobile devices.
The Arizona company sells and finances used vehicles and allows customers to schedule delivery or pick up at one of its 21 car vending machine locations.
-- Andrew Moreau
Walmart to settle
military leave suit
Walmart Inc. has agreed to pay up to $14 million to settle a class-action lawsuit, and has adopted a new policy regarding pay for short-term military leave.
The suit and settlement agreement were both filed Dec. 31 in U.S. District Court for the Eastern District of Massachusetts.
According to court documents, military reservists who worked for Walmart between 2004 and 2020 were not fully paid for short-term leave to fulfill their service duties.
Walmart denied the claims, according to court records. Still, the Bentonville-based retailer will pay between $10 million and $14 million in compensation to approved class members. More than 7,000 potential class members have been identified so far, and others may yet apply.
Walmart's new military leave of absence policy, which took effect Friday, provides fully paid leave for employees who take up to 30 days of military leave per calendar year. For additional days of leave up to 12 months, they'll be paid the difference between their Walmart pay and military pay if their Walmart pay is greater.
The suit is Nickolas Tsui v. Walmart Inc.
-- Serenah McKay
Index climbs 5.34
to 483.96 at close
The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, closed Tuesday at 483.96, up 5.34.
"A nice rally for stocks on Tuesday, as investors and the country await the outcome of battleground Georgia's Senate runoff elections, which will determine the balance of power in Washington," said Chris Harkins, managing director at Raymond James & Associates.
The index was developed by Bloomberg News and the Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.