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Strategy

  • JCPenney completes new $1.25 billion credit facility

    PLANO, Texas -- JCPenney has completed a new five-year $1.25 billion bank credit facility.

    The new facility replaces a $750 million credit facility that was scheduled to mature in April 2012 and provides further strength to the company's liquidity position. The facility may be used for general corporate purposes and will mature in April 2016.

  • Levin Management names exec

    North Plainfield, N.J. -- Levin Management Corp. announced it has promoted Harold Harris from VP to senior VP, effective immediately.

    Harris joined Levin as controller in 1985 and was named CFO in 1990. Responsible for all aspects of finance and lease administration for the company’s management portfolio, Harris also oversees real estate tax and financing reviews, human resources, and risk management.
     

  • Target testing pre-paid card with American Express

    New York City -- Target has joined with American Express to offer a co-branded prepaid card that customers can reload and use at any store that accepts Amex cards, according to the Minneapolis/St. Paul Business Journal.

    Target said in an e-mailed statement that it is selling the cards in a test at 100 stores in four cities: Chicago, Denver, Miami and Washington, D.C., the report said. The company said there is no projected end date.

  • New leadership emerges at NACDS

    SCOTTSDALE, Ariz. — The National Association of Chain Drug Stores announced a successor for Larry Merlo as its new board of directors chairman, along with several other elected officers, at its 2011 Annual Meeting. Robert Loeffler, who serves as H-E-B's chief administrative officer, will replace Merlo, who is CVS Caremark president and CEO, as NACDS board chairman. Additionally, Walgreens president and CEO Greg Wasson was elected vice chairman, while Thrifty White president and CEO Robert Narveson was named treasurer.

  • REI to make South Carolina debut this fall

    Greenville, S.C. -- Seattle-based Recreational Equipment Inc. (REI) announced it will open its first store in South Carolina this fall, in Greenville.

    The one-story, 22,000-sq.-ft. store will also feature a community space for REI and its local partners to hold outdoor-related classes, presentations and events.

  • Publix Q1 delivers higher stock price

    LAKELAND, Fla. -- Strong earnings and sales growth in the first quarter helped drive up Publix's stock price.

    Publix’s sales for the first quarter of 2011 were $6.8 billion, a 4.4% increase from last year’s $6.5 billion. Comparable-store sales for the first quarter of 2011 increased 2.8%.

    Net earnings for the first quarter of 2011 were $398.2 million, compared with $364.4 million in 2010, an increase of 9.3%. Earnings per share for the first quarter increased to 51 cents for 2011, up from 47 cents per share in 2010.

  • Landmark names project manager

    Woodland Hills, Calif. -- Landmark Retail Group, a subsidiary of NewMark Merrill Cos., announced the appointment of Lauren Wooding as a new project manager for the company.

    Wooding is responsible for overseeing LandMark’s development projects in Northern California. She was previously VP operations and project manager for Aventine Development Corp./Tricor Southwest Corp.
     

  • Target donates $200K to support tornado relief efforts

    MINNEAPOLIS --Target announced that it has donated $200,000 in cash to the American Red Cross to support tornado relief efforts in the Southern United States. An additional donation of more than $75,000 will include product and relief kits containing hygiene and food items that will be distributed to hardest-hit areas.

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