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Financial/Banking

  • Walgreens and Kroger report email database breach

    New York City -- Walgreens said a marketing and communications vendor that it uses, Epsilon, has informed the company about unauthorized access to its customers' email addresses, the Associated Press reported. The retailer joins JPMorgan Chase & Co. and grocery operator Kroger Co., which also use the same vendor to send emails, as the latest company to announce a breach of information.

    In a statement, Walgreens said law enforcement authorities have been notified and are investigating the matter.

  • Report: New bidders emerge for Blockbuster

    New York City -- Several bidders, including Dish Network Corp. and billionaire investor Carl Icahn, are ready to battle for Blockbuster at a bankruptcy auction in New York on Monday, the Associated Press reported. The chain, which filed Chapter 11 in February, has received several bids other than the opening bid of $290 million from a group of debtholders made in February.

    Dish and Icahn have each submitted a bid, The Wall Street Journal reported Friday.

  • Oops! Bad tax advice costs Office Depot $80 million

    The $33 million profit Office Depot posted in 2010 turned into a $46 million loss late Thursday after the company released restated financial results that reflected an unfavorable tax ruling by the Internal Revenue Service.

  • Stockholder sues Urban Outfitters over stock price decline

    New York City -- Urban Outfitters has been sued by a shareholder who alleges company officials misled investors before the stock declined, Bloomberg reported.

    The retailer wrongly led shareholders to believe business was going well until March 7, when it reported earnings of 13% less than analysts had suggested, Edward Koller III claims in a lawsuit filed yesterday in federal court in Philadelphia, the report said. Shares fell 17% the next day, Koller said.

  • Nutrition for sale

    PITTSBURGH — General Nutrition Centers Thursday evening announced its initial public offering of 22.5 million shares of its Class A common stock at an opening price of $16 per share.

    Of the shares offered, 16 million are being issued and sold by GNC and 6.5 million shares are being sold by selling stockholders.

    In addition, selling stockholders have granted the underwriters a 30-day option to purchase up to an additional 3.4 million shares. That offering is expected to close on April 6.

  • Office Depot to restate 2010 financials to $46 million loss

    Boca Raton, Fla. -- Office Depot said it will restate its finances for the second and third quarters of fiscal 2010 as well as for the full fiscal year. The company said the U.S. Internal Revenue Service denied its claim for an $80 million benefit related to taxes.

    The removal of the benefit, which had already been recorded in financial statements, will result in a loss for 2010 of $46 million. Previously the company said it earned $33 million.

  • We might lose and don’t know what it will cost

    Walmart this week filed its annual report on form 10-K with the Securities and Exchange Commission, and in keeping with good disclosure practices around risk factors the company offered an update on the sex discrimination case that has been all over the news.

  • Conn’s loses $3.4 million in Q4, partly due to store closings

    Beaumont, Texas -- Conn's said Thursday that it lost $3.4 million in its fiscal fourth quarter, reflecting charges tied to planned store closings and other items.

    Conn's, which sells consumer electronics, home appliances, furniture, mattresses and lawn and garden products, operates 76 stores in Texas, Louisiana and Oklahoma. It plans to close five underperforming stores and let the leases expire for two additional locations.

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