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snopes
Return! Return! Return!


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Comment: A guy my brother works with tells him that American
consumers should avoid shopping at the Costco wholesale
club because it's owned by the People's Republic of China.

I did a web search and found that there's something called
the China Overseas Shipping Company (COSCO) and I think
the similarity to that name may be the source of the rumor.

Posts: 36029 | From: Admin | Registered: Feb 2000  |  IP: Logged | Report this post to a moderator
sherri_lu
Xboxing Day


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Alot of people seem to confuse COSCO & COSTCO
this comes up on "right wing loon" media about every 6 months.

quote:
Originally posted by snopes:
Comment: A guy my brother works with tells him that American
consumers should avoid shopping at the Costco wholesale
club because it's owned by the People's Republic of China.

I did a web search and found that there's something called
the China Overseas Shipping Company (COSCO) and I think
the similarity to that name may be the source of the rumor.


Posts: 1344 | From: San Francisco | Registered: Feb 2001  |  IP: Logged | Report this post to a moderator
DarkDan
It Came Upon a Midnight Clearance


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Slighty OT...

When did "The Price Club" change to Costco? Even though I always saw it as Costco, I say "The Price Club" anyway...

DarkDan

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"Gonna free fall out into nothing, gonna leave this world for a while" --Tom Petty

Posts: 3698 | From: Philadelphia, PA or >Tinton Falls, NJ< | Registered: Oct 1492  |  IP: Logged | Report this post to a moderator
Tootsie Plunkette
Buy a Torch, Jeanette, Isabella


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From their 2001 Annual Report:

quote:
Costco Wholesale Corporation (``Costco'' or the ``Company'') began operations in 1983 in Seattle, Washington. In October 1993, Costco merged with The Price Company, which had pioneered themembership warehouse concept in 1976, to form Price/Costco, Inc., a Delaware corporation. In January 1997, after the spin-off of most of its non-warehouse assets to Price Enterprises, Inc., the Company changed its name to Costco Companies, Inc. On August 30, 1999, the Company reincorporated from Delaware to Washington and changed its name to Costco Wholesale Corporation, which trades on theNASDAQ under the symbol ``COST''.
I used to work with a guy who was related to one of the founders. His side of the family didn't get any of the money.

--------------------
--Tootsie

Posts: 5017 | From: Greater Seattle | Registered: Oct 2001  |  IP: Logged | Report this post to a moderator
Kathy B
Angels Wii Have Heard on High


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Costco Wholesale Corp.
999 Lake Drive
Issaquah, WA 98027

Phone: (425 ) 313-8100
Fax: (425 ) 313-8114

According to the company FAQ, they began selling shares in 1985 and are currently listed on the NASDAQ. And
quote:
When did Costco Wholesale merge with The Price Company (d.b.a. Price Club)?
The ex-dividend date for the merger was 10/21/93. At that time, a new company was created called Price/Costco, Inc. (ticker symbol PCCW). Effective 10/21/93, shareholders of The Price Company were entitled to receive 2.13 shares of PriceCostco stock for each share of The Price Company stock and shareholders of Costco Wholesale Corporation were entitled to receive 1 share of PriceCostco stock for each share of Costco Wholeshare Corporation stock. In February 1997, the Company changed its name from Price/Costco, Inc. to Costco Companies, Inc. and changed its Nasdaq ticker symbol to COST.
Effective August 30, 1999, Costco Companies, Inc. changed its name to Costco Wholesale Corporation and reincorporated from Delaware to Washington.

I waded thorugh a bunch of SEC filings and could find nothing that looks like the PRC or Chinese citizens or companies or proxies for anyone Chinese, is running the show. It doesn't help that COSCO and COSTCO are common typos for each other.

And,never loath to pass up a good consipracy theory,I'll pass along the observation that a proposed deal with COSCO and a California port in 1996 is one more signal that the Anitchrist has risen in China and the Rapture is not far off...

Posts: 4255 | From: Sacramento, CA | Registered: Feb 2000  |  IP: Logged | Report this post to a moderator
the lil rossdawg that santa forgot
The Red and the Green Stamps


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You must have missed this ...

quote:
Effective August 30, 1999, Costco Companies, Inc. changed its name to Costco Wholesale Corporation and reincorporated from Delaware to Washington. It is now run by a super secret splinter cell of the Communist China government. Their goal...restricting all free thought and speech, domination of the western world and super low prices everyday.

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Here I Am
Pimped Out


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As an employee of said company....I can happily report that it is completely American-run.

Another common similarity i run into is people mixing us up with COSCO (the baby products manufacturer). I have lost count of the number of times that someone brings us a stroller or high chair that they bought at Zellers or Wal-Mart and asks for a refund. I would get called over when the member asks to speak to a supervisor, and they would say "look, I bought it here...see your name is on it C-O-S-C-O"

After quietly laughing to myself.....I point out to the member how we spell our name...and point out the Wal-Mart price tag on the item.

--------------------
cheers

p

Posts: 40 | From: Mississauga, Ontario | Registered: Oct 2002  |  IP: Logged | Report this post to a moderator
   

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