OPERATIONS

Report: Best Buy and Target end Geek Squad test

BY Marianne Wilson

New York — Best Buy Co. Inc. and Target Corp. ended a partnership that positioned Geek Squad agents in Target stores in Denver and Minneapolis, the Minneapolis Star Tribune reported.

The six-month pilot allowed Geek Squad personnel to offer services such as installation and repair to electronics customers at 29 Target stores. The program covered a wide range of consumer electronics products, according to the report.

“As part of our ongoing … transformation efforts we have been very clear that we are focused on the company’s core business, including the Geek Squad opportunity with Best Buy’s own customers,” Best Buy company spokesman Matt Furman said in a statement. “We have valued our collaboration with an outstanding Target team, whom we admire and respect as retail leaders and hometown business colleagues.”

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REAL ESTATE

Abercrombie & Fitch reveals international expansion plans

BY Katherine Boccaccio

New York — In its annual report filed Tuesday, Abercrombie & Fitch revealed that it plans to open Abercrombie & Fitch flagship stores in Seoul and Shanghai in 2013, as well as 20 international Hollister stores. The news sent the teen retailer’s shares rising on Wednesday.

The company also said in the report that it is maintaining its focus on boosting profitability by simplifying processes, eliminating less-profitable parts of its business, shoring up efficiencies and cutting expenses.

The Hollister openings will include debuts in Australia, in Dubai (through a joint venture) and Japan. The company said it is considering opening international mall-based Abercrombie & Fitch stores within the next 12 months.

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FINANCE

CVS settles federal claims in Oklahoma for $11 million

BY Katherine Boccaccio

Oklahoma City — CVS Caremark Corp. will pay $11 million to settle federal claims that the company’s pharmacies in the state violated record-keeping requirements of the Controlled Substances Act.

Federal prosecutor Sanford Coats said Wednesday that CVS has agreed to the settlement to resolve all allegations. However, while CVS said that its stores must comply with the record-keeping requirements, it does not admit liability.

The allegations against CVS were that some of its stores created false Drug Enforcement Administration registration numbers that were sometimes provided to state prescription drug monitoring programs.

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