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BUSINESS
April 5, 1995 | CHRIS WOODYARD, TIMES STAFF WRITER
Faced with new limits on airline sales commissions, travel agents said Tuesday that they are planning to impose surcharges on customers of as much as $15 a ticket and to work out special deals with airlines to try to recoup lost revenue. Some of the nation's 34,000 agencies, which book 85% of all flights nationwide, also are taking drastic measures to cut costs as the airline-imposed caps on sales commissions took effect this week.
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BUSINESS
January 15, 2014 | By Tiffany Hsu
J.C. Penney Co. is attempting to right-size itself by closing 33 under-performing stores around the country and eliminating 2,000 positions, the retailer said Wednesday. The Plano, Texas, company said it hopes the effort will save $65 million a year beginning this year. Units getting the ax will finish shutting down in early May. The only store closing in California is at Arrow Plaza in Rancho Cucamonga. Chief Executive Myron Ullman said the cuts were necessary as part of J.C. Penney's “progress toward long-term profitable growth.” The company operates roughly 1,100 stores nationwide.
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BUSINESS
April 5, 1995 | CHRIS WOODYARD, TIMES STAFF WRITER
Faced with new limits on airline sales commissions, travel agents said Tuesday that they are planning to impose customer surcharges of as much as $15 a ticket and to work out special deals with airlines to try to recoup lost revenue. Some of the nation's 34,000 agencies, which book 85% of all flights nationwide, are also taking drastic measures to cut costs as the airline-imposed caps on sales commissions went into effect this week.
SPORTS
April 19, 2013 | Staff and wire reports
Browns owner Jimmy Haslam pledged to continue running his family's business - and NFL team - amid a federal investigation into fraud within his company. Haslam said Friday he has no plans to step aside as president of Pilot Flying J despite federal authorities alleging he was aware of a widespread scheme to defraud customers of the truck stop chain. According to court documents, sales team members said Haslam was aware that employees withheld diesel price rebates and discounts from Pilot customers to boost the company's profits and sales commissions.
BUSINESS
February 4, 1990 | BOB BAKER, TIMES LABOR WRITER
Like many Nordstrom salespeople, Michelle Darby joined the retail chain after falling in love with its tradition of service, a legendary system in which individual "sales associates" operate almost as entrepreneurs, splashing lavish attention on customers and sometimes earning big commissions. Darby, a 42-year-old career woman who has worked for the past 10 months in one of Nordstrom's Southern California stores, says she has been nervous ever since.
BUSINESS
July 7, 1987
Robert Check, the former head of the mutual funds department at Advest Inc., a Hartford, Conn.-based brokerage firm, was ordered suspended for 30 days after the firm was censured for overcharging mutual funds customers on sales commissions. Advest did not admit or deny that it failed to ensure that many of its mutual funds customers received volume discounts on sales commissions, but voluntarily changed its procedure to eliminate the overcharges and refunded $627,000 to its customers.
BUSINESS
May 10, 1995 | Times Staff and Wire Reports
TWA Breaks Ranks on Travel Agent Commissions: The carrier became the first of seven major airlines to scrap a policy that reduced the sales commissions it paid to travel agents to no more than $50 a ticket. Trans World Airlines announced an agreement with the American Society of Travel Agents under which it will return to its previous policy of paying flat 10% sales commissions on domestic airline tickets of any amount, retroactive to May 1.
BUSINESS
February 21, 1995 | Chris Woodyard, Times staff writer
A San Clemente consultant believes that technology could help big companies cope with the fallout from major airlines' decision to cap the sales commissions they pay to travel agents. "Expect companies and their travel agency vendors to be taking a serious look at automated reservation processing solutions to reduce costs and increase agency productivity," said Tom Blakeley, a consultant in corporate travel automation.
BUSINESS
May 26, 1992 | KATHY M. KRISTOF, TIMES STAFF WRITER
In one of the most sweeping investor reforms in two decades, the Securities and Exchange Commission last week proposed new regulations that could drastically change disclosure, competition and fees in the mutual fund industry. Here are the main points of the plan and what they mean to individual investors: Q: Under the proposals, how would fund fees change? A: The SEC proposals would affect fees in two ways.
ENTERTAINMENT
December 7, 2004 | From Bloomberg News
Christie's International, the second-largest auction house by sales, will increase the commission it charges buyers of art to 20% starting Jan. 1, the London-based company said. Christie's currently charges buyers 19.5% on the first $135,929 of an artwork's value in London and 19.5% of the first $100,000 in New York, taking 12% on the rest. The 0.5% increase will bring its rates into line with those of rival Sotheby's Holdings Inc., the No. 1 auction house.
BUSINESS
January 30, 2008 | From the Associated Press
EBay Inc. said Tuesday that it would cut by as much as 50% the fees it charges sellers to list their goods online, in an effort to boost listings and keep pace with other e-commerce sites. To balance the fee cut, the company plans to increase its commission on items that do sell -- a method EBay says sellers prefer because it lowers their risk if items do not sell. EBay will also increase fees on some items, including auctioned goods selling for less than $25.
BUSINESS
March 14, 2006 | From Reuters
Marsh & McLennan Cos. has settled an investigation by California into its commission practices, state Insurance Commissioner John Garamendi said Monday. New York-based Marsh will not be fined, but will disclose commission agreements and end bid-rigging practices, the insurance commissioner said. In January 2005, Marsh agreed to pay $850 million to settle a lawsuit by New York Atty. Gen.
REAL ESTATE
July 24, 2005 | From Times wire reports
America's an expensive place to sell a house, with average realty commissions running 45% more than those charged in other developed countries, according to the AEI-Brookings Joint Center for Regulatory Studies in Washington, D.C. Since the U.S. housing sector started booming in 1991, the average realty sales commission has fallen from 6.1% to 5.1%, but the dollars collected have soared, found the report, "Paying Less for Real Estate Brokerage: What Can Make It Happen?"
BUSINESS
January 31, 2005 | Marc Lifsher, Times Staff Writer
As state regulators probe alleged misconduct in the insurance industry, California's largest auto insurance broker is being accused of funneling millions of dollars in sales to a single insurer in exchange for commissions. A lawsuit claims that Bay Area-based Auto Insurance Specialists, which does business throughout Southern California, put its own financial interests ahead of those of its customers by collecting undisclosed "contingent commissions" on policies written for Mercury General Corp.
BUSINESS
December 15, 2004 | Debora Vrana, Times Staff Writer
Educational toymaker LeapFrog Enterprises Inc. said Tuesday that a top company executive had resigned as a result of an internal investigation related to a commission paid to a sales representative. Bob Lally, president of LeapFrog SchoolHouse and executive vice president of the company's Education and Training Group, resigned "as the result of a mutual decision," a statement from Emeryville, Calif.-based LeapFrog said.
ENTERTAINMENT
December 7, 2004 | From Bloomberg News
Christie's International, the second-largest auction house by sales, will increase the commission it charges buyers of art to 20% starting Jan. 1, the London-based company said. Christie's currently charges buyers 19.5% on the first $135,929 of an artwork's value in London and 19.5% of the first $100,000 in New York, taking 12% on the rest. The 0.5% increase will bring its rates into line with those of rival Sotheby's Holdings Inc., the No. 1 auction house.
BUSINESS
February 18, 1995 | From Times Staff and Wire Services
Jenny Johz was in the middle of an East Coast vacation when she heard the latest news to hit the travel industry. "Booking a flight with an agent may cost me more," the Los Angeles resident said during a holiday visit to New York. "Don't these things already cost enough?" Like thousands of other air travelers, Johz relies on the convenience of travel agencies to purchase airplane tickets.
BUSINESS
February 18, 1995 | From Times Staff and Wire Services
Jenny Johz was in the middle of an East Coast vacation when she heard the latest news to hit the travel industry. "Booking a flight with an agent may cost me more," the Los Angeles resident said during a holiday visit to New York. "Don't these things already cost enough?" Like thousands of other air travelers, Johz relies on the convenience of travel agencies to purchase airplane tickets.
BUSINESS
October 5, 2004 | From Reuters and Associated Press
Charles Schwab Corp. the biggest discount brokerage, said Monday that it would cut trading commissions for the second time since May in a bid to outmaneuver rivals amid fierce competition. The struggling company, which in July ousted its chief executive and brought founder Charles R. Schwab back to run the business, said its basic commission for online stock trades of as many as 1,000 shares would fall 33%, from $29.95 to $19.95, effective Nov. 1.
BUSINESS
September 2, 2004 | From Bloomberg News
Apple Computer Inc., the world's largest vendor of online music, said it would pay a commission to websites that help sell songs from the company's iTunes online store as it tries to fend off a crop of new competitors including Microsoft Corp. Apple will pay websites a 5% fee for every sale that can be traced to links from those sites, said Liz Einbinder, a spokeswoman for the Cupertino, Calif., company. Apple has sold more than 3.
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