Skip to main content

Financial/Banking

  • Fairway Foods completes IPO

    With only 12 stores, Fairway Foods is so small it can scarcely be called a regional supermarket chain, but that didn’t stop the company from completing a successful public stock offering on Wednesday.

  • Tesco to exit U.S.; takes $3.5 billion global write-down

    London -- Grocery chain Fresh & Easy’s British parent Tesco confirmed Wednesday that it will abandon its U.S. business, selling off the 199-store chain and taking a $3.5 billion write-down.

  • Stein Mart granted OK for continued Nasdaq listing

    Jacksonville, Fla. -- Stein Mart said Wednesday that it has been granted approval to continue its listing on the Nasdaq stock market while it works to secure full compliance with listing requirements.

    According to Stein Mart, a panel gave the retailer a thumbs-up to continue the listing, and Nasdaq has given Stein Mart until August to comply with all applicable requirements for continued listing on the exchange.

  • J.C. Penney considering real estate spinoff to raise cash

    New York -- A Tuesday report by Bloomberg said that J.C. Penney has an additional plan to raise money; the retailer is said to be considering a spinoff of its real-estate holdings into a new unit that could issue debt.

    Citing two unidentified sources, Bloomberg said Penney is also considering selling its real estate and then leasing it back as another avenue to free up money. And other assets, such as inventory, could be collateralized.

  • Target lowers Q1 sales and profit forecast

    Softer than expected sales trends prompted Target to lower its first quarter earnings outlook Tuesday morning.

    The company said it now expects first quarter comps to be flat, after previously forecasting a range of flat to 2% growth. The softer than expected sales prompted the company to revise first quarter adjusted profit expectations to an unspecified level of "slightly below" earlier guidance of $1.10 to $1.20.

  • JCPenney borrows $850 million for planned overhaul

    PLANO, Texas — JCPenney has drawn $850 million from its $1.85 billion revolving credit line and will use the proceeds to fund working capital requirements and capital expenditures, including replenishing inventory in anticipation of the completion of for its newly overhauled in-store home departments, which are due to be unveiled next month.

  • Target accepts $760.7 million of debt for purchase

    MINNEAPOLIS — Target has accepted for purchase $760.7 million worth of debt as part of a $1.1 billion debt-refinancing plan announced last month, the mass merchandiser said.

    The company announced plans in mid-March to purchase up to more than $1.1 billion worth of debt securities and will pay close to the full amount for those accepted for purchase.

    The offer to purchase the debt from the people holding it expired Wednesday night at 11:59, the company said.

     

  • WSJ: Hedge fund pressures Jones Group to sell parts of portfolio

    New York -- A report by the Wall Street Journal on Friday said that hedge fund Barington Capital Group is pressing Jones Group Inc. to slim down by divesting parts of its portfolio.

    Citing an unidentified source, WSJ said that Barington – in a meeting earlier this month – urged Jones to hire financial advisers to analyze many of the company’s 35-plus to pare down the portfolio and focus on its core and emerging brands.

X
This ad will auto-close in 10 seconds