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Hudson’s Bay shares drop after security breach at Saks, Lord & Taylor stores

TORONTO (Reuters) – Hudson’s Bay shares dropped on Monday after the Canadian department store operator reported security breaches at some of its Saks Fifth Avenue, Saks OFF 5th and Lord & Taylor stores on Sunday.

FILE PHOTO: A woman holds a Hudson’s Bay shopping bag in front of the Hudson’s Bay Company (HBC) flagship department store in Toronto, Ontario, Canada, January 27, 2014. REUTERS/Mark Blinch/File Photo

The company’s shares fell as much as 6.2 percent and were trading 5.7 percent lower at C$8.41 as of 9:37 ET (1337 GMT), compared with a 0.2 percent loss on the Toronto stock benchmark. It was the second-biggest decliner on the index.

Hudson’s Bay said on Sunday it was the victim of a security breach that compromised data on payment cards used at some stores in North America, and that it had “taken steps to contain” the breach.

Reporting by Denny Thomas; Editing by Chizu Nomiyama

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