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On Monday, Lee Kyu-chul, spokesman for the special prosecution team, said it had filed the additional charges. He declined to provide further details during a regular briefing. Choi's lawyers were not immediately available for comment.Choi, 60, who has known Park for four decades, is accused of colluding with Park to pressure big businesses, including Samsung Group, to contribute to non-profit foundations backing the president's initiatives. Choi has denied any wrongdoing. Also on Monday, two senior executives of Samsung Group [SAGR.UL] were questioned as part of the corruption probe. South Korean prosecutors are trying to ascertain whether Samsung, the country's biggest conglomerate, sought favors from Choi and Park in return for funding some of their initiatives. No Samsung officials have been accused of wrongdoing. As part of their investigation, prosecutors are also looking into Samsung's sponsorship of the equestrian riding career of Choi's daughter, Chung Yoo-ra, 20, who was arrested in Denmark after being sought by South Korean authorities. Chung has been accused of criminal interference related to her academic record and other unspecified charges.
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Corporate taxes are obviously outside of management's control. However, Macy's is moving quickly on the other two fronts. Last August, Macy's announced plans to close about 100 stores, with most of those occurring in early 2017. On Wednesday, the company identified 63 stores that will close in the next few months, along with two others that are scheduled to close later this year. Macy's also plans to cut spending on corporate overhead. These actions will result in thousands of job cuts, but will save the company about $550 million on an annual basis going forward. Meanwhile, in the past few months, Macy's has sold three valuable stores in Portland and San Francisco for total proceeds of nearly $350 million. It is also close to selling its Minneapolis flagship location for more than $40 million. (The latter figure is surprisingly low, given that store's gargantuan size of roughly 1 million square feet.) Macy's owns (or ground-leases) many of the stores it is closing this year. The company will work to sell those properties to mall owners or other investors for redevelopment. Macy's also recently announced a partnership with Brookfield Asset Management that will explore redevelopment options for another 50 stores.
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