Financial/Banking

Washington, D.C. -- President Barack Obama on Monday proposed strengthening laws against identity theft, described as a growing problem that costs billions of dollars. Part of Obama’s proffered solution is requiring notification when consumer information is hacked.

Reuters is reporting a new complicating factor in the ongoing saga of efforts by Dollar Tree and Dollar General to buy Family Dollar.

Some 20 state attorneys general have joined the federal antitrust investigation of competing bids by Dollar General Corp. and Dollar Tree Inc. to buy Family Dollar Stores Inc., a development that potentially complicates the companies' efforts to win U.S. approval for a deal.

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Union, N.J. – Bed Bath & Beyond Inc. beat Wall Street expectations for its third quarter net earnings even as they declined from the same quarter in fiscal 2013. Net earnings equaled $225.4 million, a 5% decline from $237.2 million.

An increase in selling, general and administrative (SG&A) expenses was a major factor in the net earnings drop. Net sales rose 3% to $2.94 million, from $2.86 million. Same-store sales rose 1.7%.
 

San Diego – PriceSmart Inc. reported mixed results for the first quarter of fiscal 2015, missing Wall Street expectations for net income but exceeding revenue forecasts. Net income totaled $20.65 million, down 4% from $21.43 million.

Higher income taxes and expenses drove the decline in profit. Total revenues fared better, growing 8% to $656 million, from $605.6 million. Same-store sales rose 1.5%.
 

As uncertainty continues to swirl around Bitcoin and its role in the future of payments, Overstock.com is rushing full-speed ahead in embracing the digital currency.

The online retailer has installed a Bitcoin ATM at its corporate headquarters in Salt Lake City. The ATM is accessible 24 hours a day and allows the public to convert U.S. dollars to Bitcoin, and Bitcoin to U.S. dollars.

Burnaby, Canada - Canadian financial cooperative Desjardins Group is acquiring both the Best Buy Canada and Future Shop private-label credit card portfolios from Best Buy Canada Ltd. Along with the two branded credit card portfolios, Desjardins will also be acquiring most outstanding loans and client accounts.

In addition, all Best Buy Canada and Future Shop stores nationwide will offer Desjardins' Accord D financing, a product to finance in-store purchases.

Matthews, N.C. – Higher sales of discounted, low-margin items did not necessarily add up to a happy holiday season for Family Dollar Stores Inc. The company missed Wall Street expectations for both net income and net sales during the first quarter of fiscal 2015, even as Dollar Tree and Family Dollar both continue making preparations for a multi-billion-dollar takeover this year.

Milwaukee -- Mid-America Real Estate Corporation’s Investment Sales team recently brokered the sale of a 4,991-sq.-ft. multi-tenant retail building within the Underwood Crossings development, a 175,000-sq.-ft. retail center located in Brookfield (Milwaukee MSA), Wisconsin. A private investor purchased the property for $1.7 million.