Financial/Banking

Atlanta -- The SpendTrend report released Wednesday by First Data Corp., which tracks same-store consumer spending by credit, signature debit, PIN debit, EBT cards and checks at U.S. merchant locations, showed that card spending growth has remained solid through mid December.

New York City -- Borders Group Inc. won court approval of the final details of its plans to dissolve, according to Bloomberg.

The bankruptcy judge finalized terms of creditor repayments Tuesday after five remaining objections were resolved, the report said. Unsecured creditors with $812 million to $850 million in claims will recover from 4% to 10%, probably “at the higher end of the range,” according to court papers.
 

York, Pa. -- The Bon-Ton Stores announced it has signed a new, multi-year private-label credit card program agreement with Alliance Data, a provider of loyalty and marketing solutions.

New York City -- Talbots Inc. has rejected a buyout offer from private-equity firm Sycamore Partners its biggest shareholder, saying the bid “substantially” undervalues the company. The bid was valued at approximately at $205.2 million.

Sycamore is Talbots biggest shareholder, with a 9.9% in the company. In a statement, Talbots called the proposal inadequate and said it will explore its strategic options to help maximize value for its shareholders. The retailer did not set a deadline for when its review will end.

NEW YORK — Affinity Solutions, a provider of transaction-based marketing programs for financial institutions and retailers in the United States, announced that John Brennan has joined as VP business development.

Springfield, Ill. -- Illinois Gov. Pat Quinn signed legislation Friday that grants hundreds of millions of dollars in tax breaks and incentives aimed at keeping Sears Holdings Corp., along with CME Group Inc., which operates the Chicago Mercantile Exchange, headquartered in Illinois.

Lawmakers approved the business tax breaks earlier this month, but Quinn had not yet signed the bill. Both companies had openly threatened to leave the state without some kind of significant aid package.

New York City -- A Friday report by Reuters said that restaurant veteran Tilman Fertitta has added to his restaurant holdings by reaching a $117 million deal for Morton's Restaurant Group Inc., which operates high-end steakhouses nationwide.

Fertitta, who expanded his stake from in Morton’s from the 5% he already held, has outlined plans to modernize the struggling chain.

This latest deal marks Fertitta’s second acquisition in two months, as in November he acquired seafood chain McCormick & Schmick's.

Beachwood, Ohio -- DDR Corp. announced the appointment of Luke Petherbridge as senior VP capital markets. In this role, Petherbridge will be primarily responsible for capital raising, actively managing the balance sheet and maintaining strong lender relationships.