FINANCE

Genesco reports payment card criminal intrusion

BY CSA STAFF

Nashville, Tenn. — Genesco reported on Friday a criminal intrusion into the portion of its computer network that processes payment card transactions for its U.S. Journeys stores, Journeys Kidz, Shi by Journeys and Johnston & Murphy stores, and for some of its Underground Station stores.

The retailer announced that it took immediate steps to secure the affected part of its network and said it believes the intrusion has been contained.

"Since we learned of the intrusion, we have worked diligently with outside experts to protect our customers’ information and we are confident that they are safe shopping with their credit and debit cards at our stores,” said Robert J. Dennis, Genesco chairman, president and CEO.

While the extent of the intrusion is not yet known, the company is investigating with the help of an outside expert to determine how much customer information was compromised. According to Genesco, it is possible that the credit or debit card number, expiration date and card verification code of some payment cards used at stores in the affected chains may have been acquired without authorization during the intrusion.

The company did say, however, that it does not believe that personal information, such as names, addresses or Social Security numbers, was compromised. It also said that it does not believe that its e-commerce or catalog businesses, Lids Sports businesses or Canadian stores were affected by the intrusion.

Genesco said it is cooperating with law enforcement to identify the hackers.

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FINANCE

National Entertainment buys most assets of defunct Movie Gallery chain

BY CSA STAFF

New York City — Movie merchandise seller National Entertainment Collectibles said Thursday that it had acquired most of the assets of Movie Gallery, which has been liquidating its Hollywood Video, Movie Gallery and Game Crazy stores.

Movie Gallery, once the nation’s second-largest video and game rental chain with 4,000 stores in the United States and Canada, filed for bankruptcy in February. In October, a federal bankruptcy judge in Richmond, Va., approved the auction of its brand names, Internet domain names and customer databases.

National Entertainment said the purchase of Movie Gallery assets is part of its plan to expand into content development and distribution. It said that in the coming weeks it will have partnership announcements to sell products through kiosks and stream content online.

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OPERATIONS

Wal-Mart’s biggest supplier considering acquisitions in China

BY CSA STAFF

Hong Kong — Li & Fung Ltd., the biggest supplier to Wal-Mart Stores said Friday that it may increase acquisitions in China as the country’s consumer spending grows, U.S. demand rebounds and inflation propels companies to seek partners.

Li & Fung president Bruce Rockowitz told Bloomberg that it may buy Chinese companies in the fashion, cosmetics and furniture industries in the next three years. He also said it will increase purchases in the United States, Europe and Japan.

According to the Bloomberg report, Rockowitz said retailers are set to sell out at Christmas with inventories tight and factories in China booked up.

“We see opportunities in every jurisdiction right now,” Rockowitz told Bloomberg, adding that the company will announce its three-year strategy in March. “We have a huge plan for it.”

Li & Fung has had an active year in acquisitions, purchasing more than $2 billion according to the company and analyst estimates.

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