Best Buy has agreed to pay a 3.8 million dollar civil penalty for selling recalled products. The agreement with the U.S. Consumer Product Safety Commission settles charges that Best Buy sold and distributed 16 recalled products from 2010 to 2015. Federal law prohibits stores from selling publicly recalled goods. Best Buy sold about 600 recalled items including more than 400 canon cameras. In addition to the fine, the electronics store agreed to maintain a compliance program. The settlement does not constitute an admission of the charges.
A seven year sales growth streak is coming to an end for American automakers. In 2009, top markets in U.S. auto sales hit rock bottom with G.M. and Chrysler filing for bankruptcy and the economy also taking a hit. Since then, car sales have risen every year. Now it’s likely that 2016 sales may be flat or fall short of last year’s record of 17.5 million dollars. Analysts call it a plateau. And the costs of cars is higher than ever. The average price of a car bought last month was just over 34 thousand dollars, according to Kelley Blue Book. That’s up more than 800 dollars from a year ago. The price of cars is jumping twice as fast than the cost of living.
Sears is reacting to speculation it’s looking to pull the plug on K-Mart. The company’s CEO posted on its corporate blog that reports about K-Mart’s demise are “false and exaggerated.” Sears and K-Mart merged in 2004 and the company has mostly struggled ever since. Sears’ stock has plunged more than 45 percent this year. The CEO did concede some unprofitable K-Mart stores will be closed, but says there are no plans to close the franchise.