International Business

New York City -- A report by the Associated Press revealed that Gap CEO Glenn Murphy received compensation worth nearly $6 million in 2010, an 18% increase from the year before.

Most of the increase came from a one-time bonus and stock awards. Murphy didn't receive any stock awards the year before.
 

New York City -- Target expects sales from its upcoming Canadian stores to total more than $6 billion by 2017, the company’s CFO said Tuesday, Dow Jones reported.

Speaking to Wall Street analysts, CFO Douglas Scovanner said Target expects to have more than 200 stores in Canada within the next five to 10 years, with the stores generating about $6 billion Canadian ($6.27 billion in U.S. dollars based on Tuesday’s exchange rate).

New York City -- A report released Tuesday by The Conference Board found that the top concern facing CEOs across the globe is business growth.

The Conference Board CEO Challenge 2011 polled more than 700 CEOs, presidents and chairmen from across geographies and industries regarding the most pressing issues they face in today’s business environment.

BENTON HARBOR, Mich.  -- Whirlpool announced that its EVP global product organization, David Szczupak, will be speaking at the fourth Energy Efficiency Global Forum (EE Global) in Brussels, Belgium on Tuesday, April 12, 2011 at 4:00 p.m. CEST. His presentation will be a part of the opening plenary session and is titled, "Appliances...the Friendly Face of the Smart Grid."

Hoffman Estates, Ill. -- Sears Holdings Corp. said Friday that it increased the borrowing amount on its domestic revolving credit facility to $3.275 billion from $2.441 billion.

According to a report by the Associated Press, the maturity date is also extended from June 12, 2012 out to April 7, 2016. The facility also has a lower interest rates and the fee the lender charges Sears for holding available credit was reduced.

ISSAQUAH, Wash. and WESTBOROUGH, Mass. -- The shifting of Easter to April this year impacted the warehouse club sector last month, as both Costco and BJ’s reported March comps that were negatively impacted by the calendar change. Without the benefit of Easter sales, both companies still managed to turn out respectable comps.

MONTREAL – U.S. discount-store operators should keep an eye on their Northern neighbors, as Canadian dollar stores continue to thrive. Anticipating their growth potential, Virginia-based Dollar Tree acquired Canada’s Dollar Giant Store in November 2010, adding 86 more stores to its repertoire and marking its first expansion outside of the United States.

NEW YORK -- Uniqlo, a subsidiary brand of Japan-based Fast Retailing Co., announced that it will open its third New York City location at 31 West 34th Street this fall. The 34th Street store is set to open late in the fall of 2011, following the opening of the company's largest flagshop store on Fifth Avenue in early fall. Uniqlo operates a store in NYC's trendy SoHo neighborhood.

In conjunction with the news of its NYC expansion, Uniqlo announced plans to hire 1,000 retail associates and 100 supervisors from the local tri-state area.

New York City -- Japanese apparel retailer Uniqlo said Thursday it will open its third New York City location.

The new store, on 34th Street, set to open this fall, following the opening of the chain’s largest flagship location on Fifth Avenue earlier in the fall. Both stores will join the current Uniqlo location in Manhattan’s Soho district.
 

San Francisco -- Gap has entered into a new $500 million revolving credit facility with a syndicate of banks led by BofA Merrill Lynch, J.P. Morgan and Citigroup Global Markets. The new financing matures in 2016 and replaces the company’s existing $500 million revolving credit facility. As part of the same financing agreement, the company also entered into a $400 million five-year term loan.