Michaels Warns of Possible Payment Card Breach

Michaels, the biggest U.S. arts and crafts retailer, said it's investigating a possible breach on its network and advised customers to check financial statements for fraudulent activity. The warning, which comes in the wake of the unprecedented breach at Target Corp. over the holiday shopping season, suggests that hackers may be attacking retailers in a spree the extent of which is yet to be fully understood. Target last month disclosed an unprecedented breach that resulted in the theft of some 40 million payment card records and another 70 million customers’ records.