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* Vivendi Universal has agreed to sell its Spencer Gifts retail chain to an investment group led by retail specialists Gordon Bros. Group and Palladin Capital Group Inc. for an undisclosed sum, the investor group said.
* Cisco Systems Inc., which has been seeking more orders from U.S. regional phone companies as corporations spend less on Internet gear, won a contract to supply networking gear to BellSouth Corp. Terms weren’t disclosed.
* Calpine Corp.’s credit rating was cut three levels to CCC-plus by Standard & Poor’s, which said the power producer’s business is becoming more risky as the company sells multiple-year contracts and plants to raise cash.
* Acclaim Entertainment Inc. said co-founder and Chief Executive Gregory Fischbach resigned and has been succeeded by Rodney Cousens, president and chief operating officer since January.
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