Corporate Governance

Minneapolis -- Target on Thursday confirmed the list of the stores that it intends to open across Canada in 2013.

As previously reported, Target purchased the leasehold interests of 189 sites currently operated by Zellers, and is slated to open 125 to 135 stores in Canada, the majority of which will open in 2013.

The latest announcement confirms the first 125 stores that will open in 2013, and later this year, Target will confirm additional store locations that will open starting in early 2014 and beyond.

Harrisburg, Pa. -- Pennsylvania governor Tom Corbett said Thursday that PetSmart will open a new distribution center in Bethel Township, Berks County, Pa.
 
PetSmart will construct an 870,000-sq.-ft. distribution center in Berks Park 78, a new industrial park located in Bethel Township. The company will start construction on the $50 million distribution center in the fall of 2012, with completion expected in first quarter 2014.

The project is expected to create at least 500 new jobs by 2016. 

Minneapolis -- Christopher & Banks Corp. said Thursday it has entered into a new $50 million senior secured revolving credit facility with Wells Fargo Capital Finance.

The new facility provides committed revolving funding through July 2017, and replaces the company’s $50 million credit facility that was scheduled to mature on June 30, 2014.
 

If Hong Kong is part of your global expansion initiatives, be prepared to pay the freight.

The most recent retail rent report from CBRE Group labeled Hong Kong as the world’s most expensive retail destination, bettering New York City (No. 2) and Sydney, Australia (No. 3).

New York -- Marvin S. Traub, Bloomingdale’s president and CEO for 22 years, died Wednesday at age 87. Traub had suffered from bladder cancer.

Traub is credited with turning the Bloomingdale’s Manhattan flagship – at Lexington and 59th – into a showcase. He started as a merchandising manager in 1962, and was named president in 1969.

Carlsbad, Calif. -- Callaway Golf said Wednesday it will cut 150 to 170 jobs, or about 12% of its work force, as demand for golf equipment has weakened.

The eliminated jobs will span all regions and levels, said the retailer.

Callaway has downwardly revised its full-year forecast after announcing in April that it expected a significant improvement in fiscal 2012.

The job cuts are expected to generate about $52 million in annual savings.
 

Paris -- French retail giant Carrefour reported Thursday that sales in the second quarter dipped 0.3% to $26.5 billion, beating analysts’ expectations and prompting the retailer to issue earnings guidance to match 2012 expectations of $2.5 to $2.6 billion.

Deerfield, Ill. -- Walgreens said Thursday that it has named retired McDonald’s CEO James Skinner as its new non-executive chairman of the board.

Skinner has served on the Walgreens board since 2005. He will succeed Al McNally, who has been non-executive chairman since 2009.

Walgreens said the change "is consistent with its board of directors succession and rotational planning process."
 

New York -- Standard & Poor's Ratings Services is further lowering its credit rating on J.C. Penney Co., attributing the move to a continuing weak performance.

J.C. Penney’s corporate credit rating has been lowered to "B+" from "BB-." The junk rating is four notches below investment grade. The move marks the second downgrade from S&P since mid-May.
 

Cary, N.C. -- The Pantry said Thursday that it is pursuing debt refinancing consisting of up to $480 million of senior secured credit facilities and $250 million aggregate principal amount of senior notes.