FINANCE

Report: Banks sue security firm and Target over data breach

BY Katherine Boccaccio

New York — A pair of banks has filed suit against Target Corp. and security firm Trustwave, alleging damages suffered after the retailer’s holiday season data breach and accusing Trustwave of failing to identify security gaps.

According to a report by Reuters, which cited the American Banker, Trustmark National Bank and Green Bank N.A. are seeking damages of more than $5 million and named Trustwave Holdings and Target as defendants.

The banks allege that the vulnerabilities in the Target system were either undetected or ignored by Trustwave, which gave hackers access to millions of card accounts and personal records.

About 40 million payment card records were stolen from Target, along with 70 million other sensitive records, during the 2013 holiday shopping season.

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REAL ESTATE

Maurices opening 60 stores in 2014

BY Katherine Boccaccio

Duluth, Minn. — Ascena Retail Group, parent to the Maurices, DressBarn and Lane Bryant banners, announced the 900th Maurices store opening. The Fresno, Calif., store will officially open later this month, joining 899 other stores in the U.S. and Canada.

Maurices will open 60 new stores by the end of its fiscal year in July 2014. In addition to new store openings, Maurices is remodeling or expanding 80 stores this year.

The company’s long-term goal is to reach over 1,200 stores domestically and 100 stores in Canada.

"We’re thrilled with the growth of our stores and e-commerce business and the continued demand for Maurices,” said George Goldfarb, president of Maurices.

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REAL ESTATE

Johnny Rockets opens new restaurant in Kuwait

BY Katherine Boccaccio

Aliso Viejo, Calif. — Continuing its opening march through Kuwait, Johnny Rockets has opened a new restaurant at the Divonne Restaurant Complex in Kuwait City.

Franchisee Haidar Al-Naqeeb is expanding the American chain in the Arabian Gulf; his first unit opened in December 1995 at Salem Al-Mabarak in Salmiyah, Kuwait. Since that time, he’s grown his portfolio to now include over a dozen franchises in Kuwait, as well as Saudi Arabia, Qatar and Bahrain with additional openings planned.

Divonne is the eighth Johnny Rockets to open in Kuwait and the third to open in the capital of Kuwait City, an area bolstered by a strong economic infrastructure. Ranked as one of the 25 largest GDP cities in the world, Kuwait City is among the world’s top financial hubs – a distinction also shared with New York, Tokyo, Moscow and Dubai.

"With a keen eye and perceptive outlook of what guests are seeking in a restaurant experience, Haidar has successfully brought a multitude of Johnny Rockets franchises to the Middle East," said John Fuller, CEO of Johnny Rockets. "The consistent quality of his restaurants is a testament to the passion that Haidar brings to his ownership role and will continue to offer guests of this new location."

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