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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Walmart Inc | NYSE:WMT | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.15 | 0.25% | 59.86 | 59.98 | 59.14 | 59.62 | 14,207,399 | 00:18:08 |
By Michael Calia
Shares of Liquidity Services Inc. declined sharply after the company revealed that Wal-Mart Stores Inc. has terminated its agreement with the online surplus dealer.
Liquidity Services said in a filing Friday that it disputes Wal-Mart's claims it failed to comply with service level requirements and restrictions on the disposition of merchandise, and it is contesting the termination of the pact.
The company also said it would seek "appropriate relief" from the retail giant for failing to honor its rights to buy certain merchandise and any related damages it has incurred.
A Wal-Mart spokesman said the retailer had no further comment beyond what was in Liquidity Services' filing.
Liquidity Services said that it doesn't expect the termination of the Wal-Mart deal to prevent it from meeting its financial guidance for the period ended Dec. 31. Shares of Liquidity Services, however, fell 24% in late-morning trading, bringing their year-to-date decline to 66%.
The Wal-Mart termination comes as Liquidity Services contends with the potential end of its contract with the U.S. Defense Department, under which Liquidity Services purchases surplus property. On Monday, however, Liquidity Services and the Defense Department extended their pact for two months.
Write to Michael Calia at michael.calia@wsj.com
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