TJX explains delay in disclosing data breach

TJX Cos. took a month to make public a computer security breach because it was trying to prevent further damage, the company’s chairman said in an online message and full-page advertisement in Boston newspapers.

TJX Cos. discovered in mid-December that customer data had been stolen by computer hackers and used to make fraudulent debit card and credit card purchases, but did not inform the public of the breach until mid-January.

“By delaying a public announcement, with the help of top security experts, we were able to contain the problem and further strengthen our computer network to prevent further intrusion,” Chairman Ben Cammarata said in the letter that ran in The Boston Globe Sunday and in the Boston Herald Monday. “Therefore, we believe we were working in the best interests of our customers.”

The letter, addressed to “Our Valued Customers,” also detailed the company’s efforts to prevent further computer system intrusions.

The company is working with law enforcement and banks and has set up customer help lines.

•Clear Channel Communications Inc.’s biggest shareholder, Fidelity Management & Research, plans to vote against the proposed $18.7 billion private equity buyout of the radio giant, a person familiar with Fidelity’s position said Monday.

The person told The Associated Press that the mutual fund company, which owns nearly 11 percent of outstanding Clear Channel shares, will cast a vote against the deal at a shareholder meeting set for March 21. The person spoke on condition of anonymity because Fidelity hasn’t publicly commented on it’s position.

The offer of $37.60 in cash per share and the assumption of $8 billion in debt, made by an investment group led by Thomas H. Lee Partners LP and Bain Capital Partner LLC, requires two-thirds of shareholders to approve the deal. Those shareholders who fail to vote will be counted as “no” votes.

•United States Steel Corp.’s fourth-quarter profit more than doubled from a year ago, boosted by higher sales and steel prices, the company said Monday.

The Pittsburgh-based steel maker said net income jumped to $297 million, or $2.50 per share, in the three months ending in December, compared with $109 million, or 85 cents per share, during the same period a year earlier. Revenue for the quarter climbed to $3.77 billion from $3.47 billion in the prior year.