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New York City -- Target Corp. secured a new $2.25 billion unsecured credit facility, the retailer disclosed Friday in a filing with the Securities and Exchange Commission. Target could borrow up to as much as $500 million under the credit agreement. The agreement with Bank of American and Citibank will expire in October of 2016 unless it is extended. The current facility replaces a prior $2 billion credit agreement.
Fort Worth, Texas -- Pier 1 Imports plans to buy back up to $100 million of its common stock. The chain said it had about 109.6 million outstanding shares as of Friday.
Middleton, Wis. -- American Girl, a division of Mattel, will open a store at Chesterfield Mall, in the St. Louis suburb of Chesterfield, Mo. The 10,850-sq-.ft. American Girl store is slated to open in spring 2012. "The American Girl store is a welcome addition to our great lineup of retailers at Chesterfield Mall," said Howard Grody, senior VP leasing for CBL & Associates Properties. "American Girl is very selective when choosing retail locations and by deciding on Chesterfield Mall as its St. Louis destination of choice, it sends a clear message to the community.” American Girl opened its first
Target said Online President Steve Eastman has left the company, one month after the retailer’s website crashed from overwhelming demand for new designer apparel. Eastman left the company to “pursue other opportunities,” Target said in a statement. Target did not name a replacement in the press release.
Wal-Mart is getting another public bludgeoning in China as anger over food safety and political fighting make the retail giant a convenient target. Authorities in the city of Chongqing have arrested two employees, closed down 13 Wal-Mart stores for two weeks and fined the company $421,000.
BRAVADA International announced it will be opening the first "World of Leggings" retail store in Los Angeles this weekend. World of Leggings will carry over 1000 different styles of leggings, tights, intimates, bodysuits and more in dozens of colors, styles, fabrics and designs.
Ikea officially plugged in two Blink Level 2 electric vehicle charging stations at its Portland, Ore. store as part of its partnership with ECOtality. The initiative is the first such project for Ikea in the U.S.
Mobile usage in retail is on the rise. Every year we see an increasing number of shopping queries originate from mobile phones. As mobile continues to proliferate, it’s also fundamentally changing the way people shop. Mobile and shopping are made for each other.
Naperville, Ill. -- OfficeMax on Friday said it is amending two credit lines and consolidated them into a new $650 million revolving credit facility that expires in October 2016. The two existing agreements included a $700 million U.S. credit facility and a $60 million Canadian facility ($59.1 million U.S.) that were set to expire in July 2012. There are currently no outstanding borrowings under the facility.
