Pursuits
Wal-Mart Reviews Welspun Records After Target Pulls Sheets
- Retailer says it’s looking at Welspun certification records
- Stock slumps 36% in two days; market value below $1 billion
A Wal-Mart greeter waits to welcome customers to a store in Ohio.
Photographer: J.D. Pooley/Getty ImagesThis article is for subscribers only.
Wal-Mart Stores Inc. is reviewing Welspun India Ltd.’s cotton certification records after Target Corp. raised concerns that the supplier is passing off cheaper bed sheets as premium Egyptian cotton.
Wal-Mart, the world’s largest retailer, plans to hold further discussions with Welspun and “handle it appropriately” if any issues are discovered, according to spokeswoman Marilee McInnis. The chain is also reviewing its other suppliers of Egyptian cotton products out of an abundance of caution, McInnis said. The announcement sent Welspun’s shares down by daily limits for a second straight session.