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June 9, 2014

Amazon.com is reportedly entering the online payment arena.

Seattle — Amazon.com is reportedly entering the online payment arena.

According to Reuters, Amazon.com will offer a service where for a fee, registered customers can use credit card information stored on Amazon.com to pay for services such as utilities or digital subscriptions.

March 14, 2014

Target Corp. acknowledged its security software picked up on suspicious activity after a cyber attack was launched, but it decided not to take immediate action.

New York -- Target Corp. acknowledged its security software picked up on suspicious activity after a cyber attack was launched, but it decided not to take immediate action. The chain also advised that its security breach last year could be even more extensive than reported so far, Reuters reported.

February 28, 2014

The Thomson Reuters/University of Michigan's consumer sentiment index inched up to 81.6 in February from 81.2 in January.

New York -- The Thomson Reuters/University of Michigan's consumer sentiment index inched up to 81.6 in February from 81.2 in January.

"The most significant implication is not whether consumers have correctly assessed the weather's negative impact on the economy, but the resilience consumers have demonstrated in the face of the polar vortex as well as higher utility bills and minimal employment gains," said survey director Richard Curtain.

February 6, 2014

The hackers responsible for the recent Target data breach reportedly gained initial access to the retailer’s network using credentials stolen from a heating, ventilation and air conditioning (HVAC) vendor.

Minneapolis – The hackers responsible for the recent Target data breach reportedly gained initial access to the retailer’s network using credentials stolen from a heating, ventilation and air conditioning (HVAC) vendor. According to the New York Times, the hackers, using the vendor’s access, were able to break into Target’s network and from there were able to compromise a server storing the personal data of 70 million customers, as well as in-store POS systems that allowed access to 40 million credit and debit card numbers.

February 5, 2014

John Mulligan, executive VP and CFO of Target, said the retailer is deeply sorry for its late 2013 data security breach and is aware that consumer confidence in the company is shaken; his comments came during Feb. 4 testimony before the Senate Judiciary Committee.

Minneapolis – John Mulligan, executive VP and CFO of Target, said the retailer is deeply sorry for its late 2013 data security breach and is aware that consumer confidence in the company is shaken; his comments came during Feb. 4 testimony before the Senate Judiciary Committee.

According to Reuters, Mulligan also said that Target discovered 25 registers infected with malware on Dec. 18, contradicting an earlier statement from the retailer that all malware had been removed by Dec. 15.

January 31, 2014

A Target representative reportedly offered few new details during a phone briefing with members of Congress about its holiday data breach.

Minneapolis – A Target representative reportedly offered few new details during a phone briefing with members of Congress about its holiday data breach. According to Reuters, Target official Isaac Reyes spent about an hour on the phone with members of the House of Representatives Oversight Committee on the evening of Jan. 30.

January 20, 2014

Mexico's Grupo Gigante expects to raise up to 4.954 billion pesos ($374.14 million) in its initial public offering of Office Depot de Mexico shares, Reuters reported.

New York -- Mexico's Grupo Gigante expects to raise up to 4.954 billion pesos ($374.14 million) in its initial public offering of Office Depot de Mexico shares, Reuters reported.

The company plans to sell up to 291 million shares, local filings revealed.

The listing is provisionally set to price on Feb. 5, the report said.

In June, Grupo Gigante, acquired the 50% stake in the office supplies chain that it did not already own.
 

January 16, 2014

Target Corp. will reportedly testify about its recent massive holiday data breach in a Congressional hearing in early February 2014.

Minneapolis – Target Corp. will reportedly testify about its recent massive holiday data breach in a Congressional hearing in early February 2014. According to Reuters, a Congressional commerce, manufacturing and trade subcommittee headed by Rep. Lee Terry (R-Neb.) will investigate large data breaches and their effect on consumers.

January 14, 2014

Two U.S. senators have written to Target CEO Gregg Steinhafel seeking "detailed information'' on the data breach that occurred during the holiday shopping season, Reuters reported.

Washington, D.C. -- Two U.S. senators have written to Target CEO Gregg Steinhafel seeking "detailed information'' on the data breach that occurred during the holiday shopping season, Reuters reported.

"We ask that Target's information-security officials provide a briefing to committee staff regarding your company's investigation and latest findings,'' John Rockefeller, chairman of the Senate Commerce Committee, and Claire McCaskill, chair of the Commerce subcommittee on consumer protection, wrote to Steinhafel.

January 13, 2014

Following news that luxury giant Neiman Marcus experienced network breaches over the holiday shopping season, similar to those of Target Corp., unidentified sources told Reuters that at least three other attacks on well-known merchants could be revealed in the coming weeks.

New York -- Following news that luxury giant Neiman Marcus experienced network breaches over the holiday shopping season, similar to those of Target Corp., unidentified sources told Reuters that at least three other attacks on well-known merchants could be revealed in the coming weeks.

December 12, 2013

J.C. Penny will eliminate the jcp menswear brand and reduce the assortments in its Joe Fresh, Michael Graves and Martha Stewart lines, Reuters reported.

New York -- J.C. Penny will eliminate the jcp menswear brand and reduce the assortments in its Joe Fresh, Michael Graves and Martha Stewart lines, Reuters reported. All four brands were introduced by former CEO Ron Johnson. Penney plans to use the resulting space to emphasize its exclusive private-label brands.

October 31, 2013

Starbucks CEO Howard Schultz had resigned from the board of mobile payments company Square Inc., Reuters reported.

New York -- Starbucks CEO Howard Schultz had resigned from the board of mobile payments company Square Inc., Reuters reported.

Square, founded in 2009 by Twitter Inc co-creator Jack Dorsey, named David Viniar, most recently the CFO of Goldman Sachs Group, as a replacement.

Schultz joined Square's board in August 2012 by investing $25 million in a deal to use its technology to process debit and credit card payments at the coffee chain's stores.

October 28, 2013

J.C. Penney Co. reassured investors that sales trends are improving and reaffirmed its forecast calling for positive same-store sales results in the third quarter, Reuters reported.

New York -- J.C. Penney Co. on Monday reassured investors that sales trends are improving and reaffirmed its forecast calling for positive same-store sales results in the third quarter, Reuters reported.

The comments were made by Myron Ullman, Penney’s CEO, at the Women's Wear Daily conference on Monday.

October 25, 2013

Consumer confidence in October fell to a 10-month low, according to the Thomson Reuters/University of Michigan consumer sentiment index.

Ann Arbor, Mich. -- Consumer confidence in October fell to a 10-month low, according to the Thomson Reuters/University of Michigan consumer sentiment index. Industry experts said the drop showed that even the reopening of the federal government was not enough to reassure nervous consumers.

The Thomson Reuters/University of Michigan final consumer sentiment index decreased to 73.2, the weakest this year, down from 77.5 in September.


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October 23, 2013

Several buyout firms are reportedly considering attempting a partial or total purchase of Safeway Inc., with Cerberus Capital Management LP among the potential bidders, according to Reuters.

Pleasanton, Calif. – Several buyout firms are reportedly considering attempting a partial or total purchase of Safeway Inc., with Cerberus Capital Management LP among the potential bidders, according to Reuters.

Safeway has retained Goldman Sachs Group Inc. as an advisor, the report said.

October 2, 2013

J.C. Penney Company shareholder Alan Marcus is suing the troubled department store chain because of its recent decision to build equity by issuing more than $800 million worth of new stock, which sent share values plunging, Reuters reported.

Plano, Texas – J.C. Penney Company shareholder Alan Marcus is suing the troubled department store chain because of its recent decision to build equity by issuing more than $800 million worth of new stock, which sent share values plunging, Reuters reported.    

The report said Marcus, who bought 300 shares of Penney stock on Sept. 26 shortly before the new stock was announced, is trying to obtain class-action status for his suit.
     

September 26, 2013

J.C. Penney Company Inc. reportedly seeks to raise $750 million to $1 billion in cash equity.

Plano, Texas – J.C. Penney Company Inc. reportedly seeks to raise $750 million to $1 billion in cash equity. According to Reuters, J.C. Penney, which is valued at $2.6 billion, is considering issuing new stock shares as well as other unspecified alternatives.

September 25, 2013

J.C. Penney Co., Inc. will reportedly hire about 35,000 seasonal workers for the upcoming holiday season.

Plano, Texas – J.C. Penney Co., Inc. will reportedly hire about 35,000 seasonal workers for the upcoming holiday season. According to Reuters, holiday workers will help perform tasks such as assisting customers and updating price signage.

J.C. Penney also hired about 35,000 seasonal employees during the 2011 holiday season. The retailer did not release holiday hiring figures last year.

August 26, 2013

Hedge fund manager and activist investor William Ackman is selling his entire stake in J.C. Penney.

New York -- Hedge fund manager and activist investor William Ackman is selling his entire stake in J.C. Penney.

Ackman's Pershing Square Capital Management, Penney’s single biggest shareholder with an approximate 18% stake, is offering its roughly 39.1 million shares for sale and used Citigroup as the bookrunner for the deal, Reuters reported. Penney filed a prospectus for the sale.

August 26, 2013

Starbucks Coffee Co. does not to plan to follow in the footsteps of some other companies that are cutting health insurance benefits or reducing employees working hours in anticipation of the U.S. Affordable Care Act, Reuters reported.

New York -- Starbucks Coffee Co. does not to plan to follow in the footsteps of some other companies that are cutting health insurance benefits or reducing employees working hours in anticipation of the U.S. Affordable Care Act, Reuters reported.

August 16, 2013

Consumer confidence unexpectedly dropped in August from a six-year high as Americans faced rising interest rates, according to the University of Michigan/Thomson Reuters preliminary index of consumer sentiment.

New York -- Consumer confidence unexpectedly dropped in August from a six-year high as Americans faced rising interest rates, according to the University of Michigan/Thomson Reuters preliminary index of consumer sentiment.

The index fell to 80.0 from 85.1 in July, which was the highest since July 2007. The median projection of 68 economists surveyed by Bloomberg called for little change at 85.2.

The outlook component fell to 72.9 in August from 76.5 in July, while current conditions dropped to 91.0 in August from 98.6 in July.

August 16, 2013

Alco Stores reportedly has received a takeover bid from its largest shareholder, Everbright Development Overseas Ltd., which is larger than the bid it received on July 25 from Argonne Capital.

Abilene, Kan. – Alco Stores reportedly has received a takeover bid from its largest shareholder, Everbright Development Overseas Ltd., which is larger than the bid it received on July 25 from Argonne Capital. According to Reuters, the Everbright offer of $14.30 per share in cash values Alco at $46.6 million.

In contrast, the previous bid from Argonne offered $14 cash per share, or about $45 million. That offer included a clause allowing Alco to take rival bids through Aug. 23.

August 7, 2013

Wal-Mart is considering entering the bidding for Hong Kong-based grocery chain ParknShop, Reuters reports.

Bentonville, Ark. – Wal-Mart is considering entering the bidding for Hong Kong-based grocery chain ParknShop, Reuters reports. Wal-Mart is currently exploring options to enter the initial bidding process for ParknShop, which closes Aug. 16.

ParknShop is owned by Hutchison Whampoa Ltd., which in turn is owned by Li Ka-shing, reputedly the wealthiest man in Asia. The chain may be valued as high as $4 billion.

Wal-Mart, which has not commented publicly, said last year it would open 100 new stores in China by 2015.

 

July 11, 2013

A report by Reuters said that RadioShack is considering bringing in a financial advisor to guide the struggling chain toward managing its looming debts and spiraling sales.

New York -- A Thursday report by Reuters said that RadioShack is considering bringing in a financial advisor to guide the struggling chain toward managing its looming debts and spiraling sales.

According to the report, which cited unidentified sources, RadioShack will hear pitches from financial advisers in the coming weeks, looking for the right fit to deal with $216.4 million in convertible notes coming due August 1, as well as falling sales capped off by a 7.6% drop in the first quarter of 2013.

July 11, 2013

A report by Reuters said that RadioShack is considering bringing in a financial advisor to guide the struggling chain toward managing its looming debts and spiraling sales.

New York -- A Thursday report by Reuters said that RadioShack is considering bringing in a financial advisor to guide the struggling chain toward managing its looming debts and spiraling sales.

According to the report, which cited unidentified sources, RadioShack will hear pitches from financial advisers in the coming weeks, looking for the right fit to deal with $216.4 million in convertible notes coming due August 1, as well as falling sales capped off by a 7.6% drop in the first quarter of 2013.