An agreement reached last month between MasterCard Inc. and Target Inc. failed to garner sufficient support from banks.
MasterCard informed Target that a 90 percent threshold to complete the deal wasn’t reached by the May 20 deadline, the Minneapolis-based retailer said Friday in an e-mailed statement.
“Target has nothing further to share at this time,” Molly Snyder, a Target spokeswoman, said in the statement.
Jim Issokson, a MasterCard spokesman, said in an e-mail that the Purchase, New York-based payments network will “continue to work to resolve the matter.”
Target agreed to pay banks $19 million for costs they incurred in a 2013 data breach. The firm has estimated that hackers stole credit- and debit-card data, as well as personal information, for as many as 110 million customers during the 2013 holiday shopping season.