Tuesday☕️

23 Jan 2024 — 4 min read

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VF Corp Cyberattack:

In a recent cyberattack, VF Corp, behind apparel brands like Vans, Supreme, and The North Face, reported the theft of personal data from 35.5 million customers. The incident, disclosed in a regulatory filing on Thursday by the company based in Denver, Colorado, did not specify the exact nature of the stolen data. VF Corp’s spokesperson, Colin Wheeler, has not provided additional details in response to inquiries.
The company reassured that sensitive consumer data such as Social Security numbers, bank details, and payment card information are not stored for its consumer businesses, and there's no indication that customer passwords were compromised. The cyberattack, which VF Corp described as involving the encryption of certain IT systems, suggests a ransomware attack. The ALPHV (or BlackCat) gang, known for ransomware and extortion, has claimed responsibility for the breach.
This attack initially caused significant disruptions to VF Corp's operations, affecting their capacity to process and fulfill orders. However, the latest update in the filing indicated that while there are still minor residual impacts, the company has largely recovered, with IT systems and data restored and delayed orders now being fulfilled. VF Corp is continuing to address the minor operational issues that remain.

Macy’s Declined Acquisition Offer:

Macy's board of directors recently declined a takeover bid of $5.8 billion from Arkhouse Management Co. LP and Brigade Capital Management LP, citing the offer's lack of compelling value. In December, Arkhouse, along with Brigade and using Arkhouse-managed funds that already have a significant stake in Macy's, made an unsolicited offer to purchase all outstanding shares of the 165-year-old retail chain at $21 per share in cash.
After a thorough review with independent legal, financial, and real estate advisors, Macy's board concluded that the proposal did not present a viable financing plan, leading to their decision not to pursue the offer. As a result, Macy's will not engage in a non-disclosure agreement or share due diligence information with Arkhouse and Brigade, as stated in the company’s official response.
Macy's CEO, Jeff Gennette, emphasized the company's openness to opportunities that align with the best interests of Macy's and its shareholders. Arkhouse had previously stated that it engaged in private discussions with Macy's about a potential acquisition and even proposed a significant increase to their initial bid, contingent upon access to necessary due diligence information. Despite these efforts, Macy's board remains firm in its decision to reject the current proposal.

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