Finance & Capital Management

Target has reached an agreement with Visa card issuers to reimburse costs related to a data breach at the retailer in 2013.

According to The Wall Street Journal, agreement, which could entail as much as $67 million in reimbursement costs, comes three months after a proposed $19 million settlement between Target and Mastercard fell through.

Read more about the deal by clicking here.

Specialty retailer Francesca's is losing its head merchant.

CMO Sei Jin Alt is resigning to spend more time with her family and pursue other interests, the company said. The company has initiated a search for a new Chief Merchandising Officer. To facilitate a smooth transition, Alt will remain in her current role until Nov. 20.

Kroger is thinking big in Texas with a three year, $1.2 billion investment plan and just created a new senior leadership structure to execute the growth strategy.

Kroger’s growth aspirations in Texas will be overseen by two key executives tasked with leading newly created divisions. The retailer created a new Dallas division and a Houston division. The stores in both areas were previously part of the company’s 214 unit Southwest division.

Despite efforts by her previous employer to block the transition, former Kohl’s CIO Janet Schalk is joining Hudson’s Bay Co. in the same capacity.

Philadelphia – Although net income at Urban Outfitters Inc. slightly slipped in the second quarter of fiscal 2016 compared to the same period a year earlier, it still beat Wall Street expectations. Net income totaled $66.84 million, down 1% from $67.5 million.

Menomonee Falls, Wis. – Jonas Prising, CEO of staffing firm ManpowerGroup, has joined the board of directors of Kohl’s Corp. Prising will initially serve on the board of directors' Governance and Nominating Committee.

Prising has been elected to a term expiring at Kohl's 2016 annual shareholders meeting and will be eligible for re-election by Kohl's shareholders at that time.
 

Minneapolis – The ongoing shakeup of senior management that has been occurring at Target Corp. since CEO Brian J. Cornell took the reins in August 2014 is continuing. Target has promoted John Mulligan, who has served as CFO since 2012, to the newly created role of executive VP and COO, effective Sept. 1.

As technology for LED lighting continues to improve, it is expected that LED lighting -- which is more energy efficient, lasts longer and has a significantly lower cost of operation -- will completely replace traditional fluorescent and HID lighting technologies. The LED lighting market is anticipated to grow 45% per year though 2020, and is expected to reach a market size of over $60 billion dollars.

Bellingham, Wash. – West Coast regional grocer Haggen is scaling back some highly ambitious growth plans. Haggen, which made headlines by buying 146 divested Albertson’s and Safeway stores as an 18-unit chain in December 2014, is closing or selling a number of locations in California, Arizona, Nevada, Oregon and Washington.

Englewood, Colo. – Home shopping retailer QVC is expanding its omnichannel reach. QVC parent company Liberty Interactive Corp. is purchasing struggling online retailer Zulily Inc. for $2.4 billion in cash and stock.