Why I'm holding on to the rest of my HBC sharesI think this latest debacle will afford HBC a cheaper way to go private. I already sold half my shares a month ago. I won't sell the rest. I think this is a good time for HBC to go private. I was even reading a MarketWatch article this morning and at the bottom they refer to HBC considering going private. There is nothing concrete here, but I believe it is the best move for HBC, other than turning it into a REIT which they apper to resist. From MarketWatch:
The luxury retailer said the thieves apparently used software in cash registers to steal card numbers between May 2017 and March 2018.
Hudson’s Bay HBC, +3.60% did not say how many customers were affected, but last week, cybersecurity company Gemini Advisory said it found a Russian hacker group attempting to sell more than 5 million credit-card numbers on the dark web. On Sunday, the company said it had “a high degree of confidence that the compromised records were stolen from customers of Saks Fifth Avenue and Lord & Taylor stores.”
“Based on the analysis of the available data, the entire network of Lord & Taylor and 83 Saks Fifth Avenue locations have been compromised,” Gemini said in a statement. “The majority of stolen credit cards were obtained from New York and New Jersey locations.”
The hack is small in comparison to some of the most high-profile data breaches in recent years. A hack of Target Corp. TGT, +0.36% exposed data for 40 million customers in 2013, a Home Depot Inc. HD, +1.99% breach exposed 56 million card numbers in 2014, and the financial data of more than 145 million people were exposed by a Equifax Inc. EFX, -1.03% breach last year.
Amid the ongoing industrywide retail crunch, the breach is another blow to Hudson’s Bay Co. Last year, the company was said to be discussing whether go private, and its chief executive stepped down in October. Helena Foulkes took over as CEO in February.