Financial/Banking

Minneapolis – The Securities and Exchange Commission (SEC) is reportedly investigating whether Target Corp. adequately protected its data and informed shareholders about the possible consequences relating to its fall 2013 data breach, according to Bloomberg. The report said that Target is one of several public companies that suffered a data breach which is being investigated by the SEC.

Toronto – Tim Hortons and Canadian Imperial Bank of Commerce (CIBC) are launching the new CIBC Tim Hortons Double Double Visa Card, leveraging a two-button technology that allows cardholders to press the CIBC Visa button on the front of the card to pay for their purchases anywhere Visa is accepted. One percent of each dollar spent is converted instantly into Tim Cash rewards, and by touching the Tim Card button, cardholders can then redeem their Tim Cash loyalty points at Tim Hortons locations.

New York -- The battle for control over American Apparel Inc. shifted into high gear with the company adopting a one-year stockholder rights plan, or so-called poison pill, aimed at stopping founder and ousted chairman and CEO Dov Charney from seizing control of the chain.

Charney is American Apparel’s largest shareholder, with a 27.2% stake in the company. On Wednesday, he signed a deal with Standard General whereby the New York firm would buy at least 10% of the company’s stock and then loan Charney the funds to acquire the stake.

Morrisville, N.C. - Charles & Colvard Ltd. has closed a new three-year $10 million asset-backed credit facility with Wells Fargo Bank. The company’s previous credit facility with PNC Bank was terminated.

The new credit facility provides Charles & Colvard working capital for general corporate purposes and to pursue continued growth opportunities and is secured by Charles & Colvard assets. The company currently does not have any other long-term debt and the new credit facility is undrawn.

Fort Myers, Fla. -- Chico's FAS announced that it has appointed Todd E. Vogensen as senior VP, CFO, replacing Pamela Knous, who has left the organization to pursue other interests.

Prior to his appointment as CFO, Vogensen had been the Chico’s senior VP finance. He has served Chico's in numerous roles over the past five years. Previously, Vogensen held multiple positions of increasing scope and responsibility with Michaels Stores.

Chico's FAS has appointed Todd E. Vogensen as SVP, CFO, replacing Pamela Knous, who has left the company.

Prior to his appointment as CFO, Vogensen had been the company's SVP of finance. He will report to Kent Kleeberger, who himself filled the CFO spot from 2008 to 2011 and is currently EVP, COO.

Columbia, Md. - Micros Systems Inc. and global payments provider Elavon have integrated their respective gateway and security products to deliver encryption and tokenization for the food and beverage industry, facilitating a secure environment throughout the payment transaction cycle. Integration has been provided for the Micros Payment Gateway and Elavon's Fusebox gateway solution.

Benefits of the integration include streamlined PCI compliance, as well as consolidation of multiple interfaces and certifications for electronic payment processing.

MWV’s board of directors chose James Nevels as a new member, the packaging company announced Thursday.
 
Nevels, the 62-year-old chairman of the Philadelphia-based investment advisory firm The Swarthmore Group and president of the Hershey Company’s board of directors, will work on MWV’s development and auditing committees. He joins the board as the company works to increase its margin goals and expand its packaging endeavors.