Finance & Capital Management

Seattle - Nordstrom Inc. has completed a new five-year, $800 million senior unsecured revolving credit facility. The new facility replaces an $800 million senior unsecured revolving credit facility that was scheduled to mature in March 2018.

The revolving credit facility may be used for general corporate purposes and is scheduled to mature in April 2020. At present, there are no outstanding borrowings under the revolver.

Weaker-than-expected demand for guns led to a decrease in same store sales for Sportsman’s Warehouse in the fourth quarter.

The Midvale, Utah-based company’s same store sales declined 5.3% for the quarter ended Jan. 31. Hunting and shooting make up roughly half of Sportsman's Warehouse's sales.

The retailer had net income of $3.2 million, or 8 cents per share, compared to $7.4 million, or 22 cents per share, in the year-ago quarter. Income from operations dropped to $14.1 million in the latest quarter, versus $16.4 million in the year-ago quarter.

Oak Brook, Ill. - McDonald’s USA has decided to give employees a break, in the form of higher pay, paid time off and educational assistance. McDonald’s is raising starting wages at company-owned restaurants in the U.S. one dollar more than the locally-mandated minimum wage, as of July 1.

Fort Worth, Texas - General Wireless Inc., an affiliate of Standard General LP, has officially received U.S. Bankruptcy Court approval to acquire the inventory and assume leases of 1,743 RadioShack stores following a bankruptcy auction. The company operates a long-term partnership with Sprint, and Sprint will provide services, products and accessories at some stores.

The stores will feature emerging technologies, as well as the traditional accessories and DIY for which RadioShack is known. Approximately 1,440 stores will be co-branded with Sprint.

New York – Wal-Mart Stores Inc. is reportedly asking suppliers to cut their product costs and also seeking to expand its grocery business. According to the Wall Street Journal, Wal-Mart is recommending that suppliers forego investing in joint marketing programs with the retailer and use that savings to reduce the price Wal-Mart pays for their goods.
 

Sears Holding Corp. is looking to raise more than $2.5 billion by selling its stores to a real estate investment trust.

The REIT, called Seritage Growth Properties, will purchase 254 Sears and Kmart stores for more than $2.5 billion and then lease back the Sears and Kmart stores to Sears Holdings. Seritage will partially fund the transaction through a public rights offering.

Washington, D.C. – President Barack Obama has signed an executive order creating sanctions for cybercriminals who engage in crimes against the U.S. from foreign locations. The order allows the U.S. to impose sanctions on individuals who harm critical infrastructure, damage computer systems, or steal trade secrets, and sensitive information through cyberattacks based outside the U.S.

The order does not specify what type of sanctions can be imposed.

Fort Worth, Texas – In what may be a tale of survival to rival the PT 109 ordeal of John F. Kennedy, RadioShack Corp. will exit Chapter 11 bankruptcy with some 1,700 stores intact.  

A bankruptcy judge on Tuesday approved the sale of 1,743 RadioShack stores to hedge fund Standard General, preserving some 7,500 jobs, the Wall Street Journal reported. Standard General intends to operate most of the preserved RadioShack stores in an alliance with Sprint Corp.