Wal-Mart stops selling Egyptian cotton sheets made by India's Welspun
- Wall Street dips as Verizon drags; AmEx curbs losses
- AT&T (T) Said to Discuss Idea of Takeover in Time Warner (TWX) Meetings
- UPDATE: Qualcomm (QCOM), NXP Semiconductors (NXPI) Deal Could be Announced Next Week - Bloomberg
- Tesla (TSLA) Announces Self-Driving Hardware for All Vehicles in Production; Includes Model 3
- Walgreens Boots Alliance (WBA) Tops Q4 EPS by 8c; Guides FY17 EPS
Find out which companies are about to raise their dividend well before the news hits the Street with StreetInsider.com's Dividend Insider Elite. Sign-up for a FREE trial here.
CHICAGO (Reuters) - Wal-Mart Stores Inc (NYSE: WMT) on Friday said it will stop selling Egyptian cotton sheets made by Welspun India
Last month, U.S. retailer Target Corp (NYSE: TGT) severed ties with Welspun after accusing them of passing off cheap sheets as premium Egyptian cotton for two years.
"Welspun has not been able to assure us the products are 100 percent Egyptian cotton, which is unacceptable," Wal-Mart said in a statement. The company will pull the products from its stores and website.
Wal-Mart said it will not cut ties with Welspun but will work with them to implement strong controls and better label the products. The retailer will offer customers, who purchased the products, a full refund.
Egyptian cotton is prized because the length of the cotton fibers are longer, resulting in a finer, lighter more durable fabric and longer-lasting, higher-end clothing.
(Reporting by Nandita Bose in Chicago; Editing by Himani Sarkar)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Wal-mart (WMT) Declines to Comment on 'Speculation' of Sam's Club Spin-Off
- Wisconsin man pleads guilty to supporting Islamic State
- BlackRock says its ETF business crosses $100 billion sales mark
Create E-mail Alert Related CategoriesReuters
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!