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Target to sell credit card business to TD Bank
Minneapolis -- Target Corp. said Tuesday it will sell its $5.9 billion credit card portfolio to TD Bank Group.
The business will be sold for an amount equal to the gross value of the outstanding receivables at the time of closing, said Target; the portfolio currently has a gross value of about $5.9 billion.
TD Bank also agreed to a seven-year deal to underwrite, fund and own the retailer’s future credit card and Visa receivables in the U.S.
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Ross to open urban store in mixed-use center
Peoria, Ill. -- Cullinan Properties Group, developer of the East Peoria (Ill.) Downtown development, said Friday that Ross Dress for Less will open a 25,000-sq.-ft. junior-anchor store at the mixed-use project, joining previously announced Target, Costco, Ulta and Gordman’s.
Red Robin Gourmet Burger will open a 4,001-sq.-ft. restaurant and dental chain Heartland Dental Care will open in a 2,700-sq.-ft. space.