TJX Sets Aside $41M in Credit-Card Case
New York City, The TJX Cos. Inc. said Friday it reached a settlement with Visa Inc. and Fifth Third Bancorp for potential claims regarding a massive security breach that put consumers’ credit-card data at risk.
The discount clothing retailer will pay up to $40.9 million in pre-tax recovery payments to eligible U.S. Visa issuers who issued payment-card accounts identified to Visa by Fifth Third or TJX. At least 80% of the issuers must accept by Dec. 19 for the settlement to finalize. The estimated costs of this settlement are already reflected in the charge related to the computer intrusion that TJX took in its fiscal 2008 second quarter.
The settlement is conditioned on acceptance of the Settlement Offer by Dec. 19 by issuers of at least 80% of the eligible account.
CVS/pharmacy Nov. comps up 4.4%
WOONSOCKET, R.I. CVS Caremark today announced that same-store sales in its CVS/pharmacy division for the four weeks ended Nov. 24 increased 4.4% over the prior year period. Pharmacy same-store sales increased 4.4%, and were negatively impacted by approximately 450 basis points due to recent generic introductions. Front-end same store sales increased 4.6%.
Same-store sales at CVS/pharmacy for the forty-seven week period increased 5.7% over the prior year period. Pharmacy same-store sales increased 5.6%, while front-end same-store sales increased 6%.
Best Buy helps ease holiday shopping
MINNEAPOLIS Best Buy announced today that is launching a series of programs designed to ease the pressure of holiday shopping.
Among its initiatives to improve the shopping experience, is the company’s reassignment of about 30% of its sales floor to a new cross-trained customer assistant position, who, according to the company would enable customers to get more personal interaction during peak shopping times. The customer assistants will be supported by BlueShirts who have a better understanding in specific consumer electronics categories.
Best Buy also said that it has revamped its return policy, extending the deadline on all products to Jan. 31, 2008. According to the company, the policy even include products such as computers and digital cameras which were previously limited to 14 days.
“We start holiday planning 11 months in advance so we can provide the very best experience possible,” said Brian Dunn, president and coo at Best Buy. “Our holiday approach is focused on bringing our customers complete gift solutions by offering a wide range of products, knowledgeable sales associates, and premium service to customers whether it’s in store, online or through our phone channel.”