FINANCE

TJX, Banks Settle Litigation Over Breach

BY CSA STAFF

Boston TJX Cos. and nearly all the banks and bank associations that sued the discount retailer over a massive credit-card data breach said Tuesday they have settled the lawsuit for an undisclosed amount.

Although both sides said the settlement total would remain confidential, TJX said the costs were covered by a $107 million reserve that it set aside against its second-quarter earnings.

TJX also has said that $107 million would cover the costs of another breach agreement: a Nov. 30 deal with Visa Inc. to help pay a maximum $40.9 million to help the network’s card-issuing banks recover expenses to replace customers’ Visa cards.

After initially disclosing the data heist in January, TJX said in March that at least 45.7 million cards were exposed to possible fraud in a breach of its computer systems that began in July 2005. But the breach wasn’t detected until December 2006.

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Stop & Shop to expand deli kiosk service

BY CSA STAFF

BOSTON Stop & Shop will be offering customers access to self-service deli ordering in more than 200 stores by the first quarter of 2008.

Modiv Media, the maker of the Modiv DeliVision kiosk used by Stop & Shop in select stores, as well as other supermarket chains, announced Monday that Stop & Shop would be expanding the use of the service, which allows customers to place their deli order using a touch screen and informs them when the order will be filled, thus eliminating the need to wait in line. In addition, customers, are able to scan their loyalty card for easy ordering of their favorite items.

 

Using Modiv DeliVision, Stop & Shop can now provide a new way for customers to shop, said Christine Dorman, senior vp of operational and strategic initiatives and support services for Stop & Shop. DeliVision gives us an opportunity to enhance customer satisfaction and increase our efficiency. 

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Del Monte board elects Williams-Sonoma cfo

BY CSA STAFF

SAN FRANCISCO Del Monte Foods has announced that it has named Williams-Sonoma executive Sharon McCollam to its board of directors.

Sharon McCollam has served as evp, coo and cfo of Williams-Sonoma since July 2006. She joined the company in March 2000 as vp of finance. From 1993 to 2000, McCollam held a variety of positions at Dole Foods, including vp and cfo of the Dole fresh vegetables division from 1996 to 2000.

We are delighted to welcome Sharon to our board of directors, commented Richard Wolford, ceo and chairman of the board. We believe Sharons participation as a board member will be very beneficial to Del Monte Foods. Her experience is complementary to our business; she contributes additional financial expertise, and as well, will provide important retail and consumer packaged goods perspective for our business. 

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