Thursday Tipsheet: Senate Needles Target | Wmart Probe = $439 Mil | Cabela’s 14/Year
“Senators Criticize Target on Handling of Breach” by Jim Spencer and Jennifer Bjorhus at Star-Tribune. “The three-hour hearing was Target’s third trip to Capitol Hill to explain how it got hacked. But Wednesday’s hearing was the first where members of Congress took the company to task for what they considered mistakes.” Read more
Senators Needle Target in Hearing:
Senator Rockefeller: Target “fell far short”, “At some point, the CEO and board of directors have to take responsibility.”
Senator Blumenthal: “The best technology in the world is useless without good management.”
“Wal-Mart Says Bribe Probe Cost $439 Million in Two Years” by David Voreacos and Renee Dudley at Bloomberg. “The company spent $282 million in the fiscal year ended Jan. 31 and $157 million the previous year, and expenses will continue to rise, according to an annual report filed March 21. On Feb. 20, Wal-Mart projected FCPA probe and compliance costs would be $200 million to $240 million for fiscal 2015.” Read more
“Canadian Tire Gets a Makeover” by Marina Strauss at Globe & Mail. “The day you start thinking like a general merchant, you’re in trouble,” Mr. Medline said at an annual CIBC retail and consumer conference. “… We have to think more like a specialty retailer under this big roof of a general merchant.” Read more
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“Cabela’s Wants 14 New Stores a Year through 2017” by Janice Podsada at World-Herald. “Cabela’s expects to add about 1 million square feet of retail space annually for the next three to five years, said Ralph Castner, executive vice president and chief financial officer…officials said they would be pleased if same-store sales showed consistent increases of between 2 percent and 4 percent.” Read more
“Sports Authority “Stuck in the Middle”, Attempts to Make a Comeback” by Sarah Pringle at Deal Hotline. “Investment banker Jeffrey Gross suggested Leonard Green might have better success splitting Sports Authority in pieces, and perhaps sell its real estate and online business to separate parties. The most valuable part of Sport’s Authority is its online business, sportsauthority.com…”They have great real estate and that’s worth something to someone,” Gross added. “And they have a good brand.” Read more
“Lowe’s: ‘Mulch Meltdown’ in FL; Woman Kicks & Screams at 68-year old Man for Cutting in Line” at Fox 4 News. “This woman came raging like a raging bull,” described Maerz. “She then proceeds to throw the bags out. I’m trying to grab her and grab the bags and put them back in.” Maerz says he was also kicked in the arm and the chest but was left with minor injuries.” See the video / Read more
“Canada: Grocers’ Discount Gap Shrinking Amid Food Price Wars” by Hollie Shaw at National Post. “Prices in conventional [stores] have had to come down,” and that has resulted in a “permanent drag” on the conventional stores, Perry Caicco, retail analyst at CIBC World Markets, told the bank’s retail and consumer conference on Wednesday. The price gap between conventional stores and discounters is now about 10%.” Read more
“Random: This Teenager Got A McDonald’s Receipt Tattooed To His Arm” by Caroline Moss at Business Insider. “Now I’m a living billboard , but I think all this is just fun,” Ytterdahl told RB News. ”Maybe it’s not as fun when I’m 50 or 60 years,, but it’s my choice.” See the pic / Read more
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