OPERATIONS

U.S. attorney general confirms probe of Target breach

BY Marianne Wilson

New York — Testifying Wednesday before the Senate Judiciary Committee, U.S. Attorney General Eric Holder confirmed that the Justice Department is investigating the consumer data breach at Target Corp.

"While we generally do not discuss specific matters under investigation, I can confirm the Department is investigating the breach involving the U.S. retailer, Target," Holder said in his statement to senators,.”

Holder said the department is committed not only to finding the perpetrators of these sorts of data breaches, but also “any individuals and groups who exploit that data via credit card fraud.”

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REAL ESTATE

Target announces nine new stores in Canada

BY Staff Writer

Mississauga, Ontario — Target Corp. announced that it will continue its Canadian expansion in 2014 by adding another nine locations to the 124 Target stores now open in all 10 provinces. The majority of the new stores will open in Ontario, with single store additions planned for Quebec, Manitoba, Alberta and B.C.

"The past year marked a major milestone for Target as we delivered on the unprecedented goal of opening 124 Target stores across 10 provinces in 2013," said Tony Fisher, president, Target Canada. "As we head into 2014, we will continue to enhance the guest experience at all stores, while continuing to expand our presence in new Canadian neighborhoods."

Here is the schedule for the new locations:

Spring 2014: The Stockyards, Toronto; Ontario Kingsway Mall, Edmonton; AlbertaHillside Centre, Victoria, British Columbia;

Summer 2014: Erin Mills Town Centre, Mississauga; OntarioPark Place, Barrie, Ontario; Carrefour Candiac, Candiac, Quebec;

Fall 2014: St. Laurent, Ottawa; OntarioSheridan Centre, Mississauga; OntarioPolo Park, Winnipeg, Manitoba; and Polo Park, Winnipeg, Manitoba.

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FINANCE

Kroger completes acquisition of Harris Teeter

BY Marianne Wilson

Cincinnati — The Kroger Co. said it has completed its acquisition of Harris Teeter Supermarkets for about $2.5 billion. Under the terms of the merger agreement, Harris Teeter shareholders will receive $49.38 per share of Harris Teeter common stock.

The company also announced that Thomas W. Dickson, chairman and CEO of Harris Teeter, has retired, and that John Woodlief, executive VP and CFO of Harris Teeter would leave the company. Woodlief previously had been a managing partner at Pricewaterhouse Coopers, and is prohibited from working in a financial role at Kroger because PwC is Kroger’s independent accountant. He will remain available as a consultant, Kroger said, and will pursue other interests.

Harris Teeter will continue to be led by Harris Teeter’s current president, Fred Morganthall.

We are pleased that our merger is complete and look forward to bringing together the best of Kroger and Harris Teeter to benefit our customers, associates and shareholders,” said W. Rodney McMullen, CEO of Kroger.

“This merger brings the exceptional Harris Teeter brand and a complementary base of stores in attractive markets to the Kroger family. We have long respected Harris Teeter’s customer orientation, friendly and professional associates, strong management team, and company values – which are consistent with ours. Together, through our customer 1st strategy, we are going to be an outstanding combination.”

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