Legislative, Regulatory & Legal

The National Retail Federation testified before Congress Wednesday on the need to pass a federal data breach notification law that applies to all entities that handle sensitive customer data.

Santa Monica, Calif. – Macerich Co., a California-based mall operator whose properties include Tysons Corner Center in Tysons Corner, Virginia, has rejected a hostile $22 billion takeover bid from Simon Property Group Inc. Macerich has publicly stated it thinks the deal undervalues its portfolio and growth opportunities.

"It is truly disappointing Macerich would not even meet to discuss our proposal," said Simon Property CEO David Simon. "Macerich's rejection is based on a rosy view of its future prospects."

New Canaan, Conn. - Stadium Capital Management LLC and its affiliates have notified Big 5 Sporting Goods Corp. that Stadium Capital will nominate three independent candidates to the board of directors of Big 5 at the 2015 annual meeting, expected to be held in June 2015. The nominees are Dominic P. DeMarco, a managing director and co-chief investment officer of SCM and an existing member of the board; Nicholas Donatiello Jr., a consumer, media and technology strategist; and Michael J.

Washington, D.C. - The National Retail Federation (NRF) has formally asked the House to approve legislation that would overturn a National Labor Relations Board(NLRB) regulation allowing what it terms “ambush” union organizing elections, saying the rule infringes on employee and employer rights and is an attempt to favor union organizing. The Senate approved the legislation earlier this month by a vote of 53-46, and the House is expected to take it up later this week.

Toronto - Costco Canada has reportedly had its license to import fish into Canada suspended. According to Reuters, the Canadian Food Inspection Agency suspended Costco’s license to import fish on Feb. 26, but is only making it public now.

Cary, N.C. - The Pantry Inc. has announced the expiration of the waiting period under the U.S. Hart-Scott-Rondino Act for to the proposed merger between The Pantry and a U.S. subsidiary of Alimentation Couche-Tard Inc. Pantry stockholders approved the merger agreement at a special meeting on March 10.

Unusual trading activity in shares of RadioShack prompted the company to issue a public statement reminding speculators the company’s shares are soon likely to be worthless.

Bankrupt companies don’t normally issue such warnings, but the move was prompted by trading in the company’s shares on the OTC Pink exchange under the symbol RSHCQ after the company was delisted from the New York Stock Exchange.

New York - Nearly 80% of all businesses fail their interim PCI compliance assessment, leaving them vulnerable to cyberattacks. According to Verizon’s 2015 PCI Compliance Report, 69% of all consumers are less inclined to do business with a breached organization, making compliance with Payment Card Industry Data Security Standards (PCI DSS) critical.

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By Hayden Shipp, IBISWorld

Shippers, carriers, longshoremen, businesses and consumers alike can breathe a sigh of relief in light of the tentative deal the Pacific Maritime Association (PMA) and the International Longshore and Warehouse Union (ILWU) reached on Feb. 20.