J.C. Penney amends shareholder rights plan
Plano, Texas – J.C. Penney Co. is amending its stockholder rights plan as part of move to protect its ability to use certain funds that can be used for tax benefits.
Penney said its shareholder rights plan can now be put into effect if an individual or group acquires 4.9% or more of its outstanding stock, down from its previous 10%.
The amended rights plan, which takes effect immediately, will continue in effect until Jan. 26, 2017, subject to earlier expiration in specific circumstances. Penney expects to submit the amended rights plan to a vote at the next annual meeting of stockholders in May 2014. If stockholders do not approve the amended rights plan, it will be terminated. The full text of the amended rights plan will be filed with the Securities and Exchange Commission.
Report: Consumer sues Michaels for data breach
Irving, Texas – An Illinois consumer has reportedly filed a lawsuit against Michaels Stores in federal court relating to the retailer’s possible recent data security breach. According to Bloomberg, Illinois resident Christina Moyer filed suit in Chicago federal court on Monday, Jan. 27, claiming the retailer broke an implied promise to protect the personal data of her and other consumers.
Moyer, who claims she and other Michaels customers will have to spend time and money dealing with the reported data breach, has asked the court to declare a class of consumers who used a payment card to make a purchase at Michaels on or before Jan. 25. Unconfirmed reports indicate a breach occurred from Jan. 23-25. Michaels has not formally confirmed a breach occurred, although it has publicly stated it is investigating a possible breach. The retailer did not reply to a request for comment before the article was published.
Gymboree deploys Oracle Commerce
Redwood Shores, Calif. — The Gymboree Corporation has selected Oracle Commerce to support its full range of international e-commerce sites for its Gymboree, Janie and Jack, and Crazy 8 brands.
In addition to Oracle Commerce, Gymboree also intends to implement Oracle WebLogic Suite.
“We have replaced our current system and chose Oracle Commerce because the solution provides the functionality we require today combined with Oracle’s vision and commitment to omni-channel retail solutions,” said Pranav Patel, VP, infrastructure and e-commerce, The Gymboree Corporation. “The Oracle solution will enable us to deliver an excellent customer experience that is consistent with our brands while supporting ongoing growth.”
“Gymboree will use Oracle Commerce to better engage customers wherever and whenever they shop,” said Mike Webster, senuir VP and general manager, Oracle Retail. “By putting Oracle Commerce in place, Gymboree is equipping its business to extend the high level of service that customers have come to expect from its brands. Oracle will continue to invest in helping retailers to deliver this type of customer-focused, commerce anywhere retail experience that keeps customers coming back.”