Breaking News

Iran Blacklisted by Bulk Retailer Costco

Iranian diplomats and overseas businesses will have a harder time buying in bulk now that Costco has revealed it recently cut all ties to the Islamic Republic.

The members-only retailer, which the Wall Street Journal reports has a base of customers roughly equal to that of the population of Italy, said in an SEC filing Tuesday that it had identified and halted its remaining business dealings with the nuclear-seeking state.

The disclosure was made in compliance with the Iran Threat Reduction and Syria Human Rights Act of 2012, the WSJ reports.

The filing by Costco read in part:

“During the second and third fiscal quarters of 2013, we had as cardholders at our subsidiary in Japan four individuals   under two business memberships in the name of the Embassy of the Islamic Republic of Iran (“Embassy”).  In the same time period, we had as cardholders in our United Kingdom subsidiary two individuals under one business membership in the name of Iran Air.

“Gross revenue in the second and third quarters of 2013 attributable to the memberships associated with the Iran Embassy was approximately $5,178, and our estimated profit on these transactions was less than $160.  The Company recognized no revenue or profit attributable to the Iran Air membership in the second and third quarters of 2013.  The Iran Air membership and one of the Iran Embassy memberships were canceled during the second quarter of 2013, and the remaining Iran Embassy membership was canceled in June 2013, prior to which time an additional $319 in revenue and less than $8 in estimated net profits were earned in the fourth quarter of 2013.

“The Company does not intend to continue these activities.”

…read more
Source: The Algemeiner

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Posted by on June 13, 2013. Filed under Breaking News,In This Week's Edition,Slider,U.S. News. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.